Goodwill can be recorded:   1. whenever the company acquires a good location for its business. 2. whenever the company has exclusive dealing arrangements with sought-after suppliers 3. whenever the company has an effective pricing strategy that brings in customers

Q: Based on the information above, discuss the ways in which fraud/ theft could be perpetrated at…

A: A fraud could be made by the employees of the company whenever there is a loophole in the system in…

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: BJ's Wholesale Club Holdings, Inc., provides the following description of its revenue recognition…

A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…

Q: FOB destination of a Merchandise Business means: a. Goods are placed free on board to the buyer's…

A: Free on broad (FOB) is a term indicating whether the seller or the buyer will bear the loss and…

Q: When customers used their points accumulated from customer loyalty award programs to purchase goods:…

A: Customer loyalty award program is customer retention strategy to customer continue buy your brand.…

Q: Which of the following indicates that ownership of the purchased items changes as soon as the goods…

A: FOB point is the term which is used to determine when the ownership of the goods changes hand. FOB…

Q: Internet companies that simply act as agent or broker for the transfer of goods can record revenue…

A: Internet companies that simply act as agent or broker for the transfer of goods , act in the…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: When does a company typically recognize revenue for a bill-and-hold sale?

A: Bill and hold agreements represent a sales arrangement in which the buyer pays for the item or items…

Q: FOB destination of a Merchandise Business means: a. Seller is not responsible for the goods b. Buyer…

A: Whenever business sells goods to the customer, then there can be two type of terms. One is FOB…

Q: when a company holds the merchandise for another company to sell, that merchandise is said to be…

A: Any good which is produced by the business to be kept to sale once it is a finished good. Such sale…

Q: . A journal designed for entering only sales on account is called the A. General journal B. Cash…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…

A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. A…

Q: A major function of brokers is: O storage and warehousing O bringing buyers and sellers together O…

A: A broker is an intermediary that brings sellers and buyers together. They are usually paid a…

Q: Clark Co. and Keys Inc. exchange equipment. Information related to this exchange follows. Clark Keys…

A: Answer:- Journal entry meaning:- In a company's accounting books, a journal entry serves as a record…

Q: substantive test of transactions commonly used to test the accuracy objective for acquisitions is "…

A: It's an audit procedure which examines financial statements and supporting documentation to see if…

Q: Which of the following statements best explains the relationship between the acquisition/payment…

A: Solution Explanation - Sales collection process is a series of operating events that collectively…

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

Q: According to International Financial Reporting Standards (IFRS), which of the following is a key…

A: Recognizing revenue accurately is a fundamental aspect of accounting, ensuring financial statements…

Q: f goods are sold on terms FOB shipping​ point, the​ ________.         A. seller normally pays the…

A: The invoice contains all the terms related to sale like FOB point, discount and due date of the…

Q: When an exchange of inventory items between an enterprise and another entity is undertaken to serve…

A: Non-monetary exchange is governed by Accounting for Non-monetary Transactions

Q: 2 A company that chooses to arrange for the transportation of products it buys from a supplier-and…

A: The question is asking to identify the correct shipping term that a company would choose if it…

Q: SCP Corporation purchased inventory on account from OBP Corporation . Which of the following…

A: Purchase of Inventory required certain steps like Analysis of Product and Services Recording the…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

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

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

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

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: Under what conditions should a company disclose the amount of sales from a major customer?

A: Sales: A sale refers to a transaction that take place between two parties where a buyer receives…

Q: Explain the concept of goodwill in accounting and how it is recognized and measured. Provide an…

A: Goodwill is an intangible asset that represents the excess of the purchase price of a business over…

Q: evenue is recognized for sold consignment goods when a. The consignee receives the goods b. When…

A: Solution: Revenue is recognized for sold consignment goods when "The goods are sold by the consignee…

Q: Is there a significant difference between adjusting and closing for a service firm and a merchandise…

A: Merchandise Company is a company that purchases finely finished goods and commodities and later…

Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

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: Which of the below mentioned PPIs issued by an entity for facilitating the purchase of goods and…

A: PPI are prepaid financial instruments these have some value of money stored in them.

Q: The purchase order, usually in writing, is a legal document that is... Select one: An offer to buy.…

A: A purchase order is an agreement that binds the two parties i.e. the client and the supplier, such…

Q: Identify the document or record used in the expenditure cycle based on the description set out…

A: Document is written record for every relevant transaction.