A form used to request the responsible person or department to purchase merchandise or other property is known as a   a.purchase invoice. b.purchase order. c.purchase requisition. d.receiving report.

Q: Which one of the following statements best describes the purpose of a goods despatched note? A It is…

A: The goods dispatch note is prepared by seller, so as to keep the record of goods being dispatched.

Q: When a customer (buyer) returns merchandise purchased on credit,what is to be done?

A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…

Q: It is used to show who is responsible for paying for shipping and when the title of the goods passes…

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: Describe the Issues Pertaining to the Retail Method.

A: Retail inventory method is used to calculate the value of ending inventory by comparing the retail…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: Question 1 All of the documents are involved in the purchase-to-pay (expenditure) process, except:…

A: Picking ticket is the list of details regarding the items that are to be shipped from the warehouse…

Q: The arrangements between buyer and seller as to when payments for merchandise are to be made are…

A: Solution The arrangement between the buyer and the seller as to when payment for merchendise are to…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…

A: When one company takes over another and establishes itself as the new owner, the purchase is called…

Q: Which of the following feature/s related to FOB shipping point under shipping terms, except?

A: Solution- FOB shipping point – Notes responsibility of goods and title transfer from seller to buyer…

Q: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoice…

A: Clerk: A clerk refers to an individual who is an employee of a company or a bank and is responsible…

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: The accounts payable department usually has responsibility for approving acquisitions for payment by…

A: SOLUTION-   AN ACCOUNTS PAYABLE DEPARTMENT'S  MAIN RESPONSIBILITY IS TO PROCESS AND REVIEW…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

Q: A retail store received cash and issued gift certificates that are redeemable in merchandise. How…

A: Solution: When cash is received in lieu of gift certificates, deferred revenue is credited. When…

Q: Give two examples of physical control that the client can use to protect the asset or the record: 1.…

A: Perishable Goods are the goods that are of short life span and will spoil after a certain period of…

Q: 4. Indicate which department -accounts payable, cash disbursements, data processing, purchasing,…

A: Purchase requisition is prepared and sent to the prepare purchase order function to initiate the…

Q: When should revenue from the sale of merchandise normally be recognized? A)When the customer takes…

A: Revenue recognition concept says that when all the risk and reward has been passed on to the buyer…

Q: The ownership of goods is transferred upon receipt of the goods by the buyer and the seller is the…

A: The invoice is prepared at the time of sale of goods on credit. The invoice details about the…

Q: Return of merchandise sold on account is recorded in the: A purchases journal B either sales or…

A: Merchandise is very important asset for the business. Purchase and sale of merchandise is recorded…

Q: What source document is used to summarize/document each receipt of goods? A. packing slip B. picking…

A: A source document is the original documents that the details of a business transaction. a source…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: Describe the operating cycle of a merchandiser.

A:

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: The authority to accept incoming goods in receiving should be based on a(n)(1) vendor’s invoice. (3)…

A: Delivery is an act of transferring goods, services, commodities, securities or cash from one place…

Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…

A: Purchase transactions are the transactions relating to the procurement of goods from the party…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer:   Option c.

Q: A furniture store debits purchases for a purchase of a

A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…

Q: If the buyer is to pay the transportation costs of delivering the merchandise, delivery terms are…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…