Which document authorizes the purchase of the inventory from an approved vendor? the petty cash voucher the receiving report the purchase order the vendor's invoice

Q: Discuss some measures that should be taken to maintain control over merchandise inventory.

A:

Q: A portion of a client’s inventory is in public warehouses. Evidence of the existence of this…

A: Existence assertion says that all assets and liabilities of the business present in the financial…

Q: Which one of the following transactions is recorded with the same entry in a perpetual and a…

A: With the perpetual system all the sales are directly credited to inventory and all the purchases are…

Q: Under a perpetual inventory system  accounting records continuously disclose the amount of…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: In recording the cost of merchandise sold for cash, based on data available from perpetual inventory…

A: Journal entry: It is a systematic record of a financial transaction that is recorded in…

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: Purchasing and Disbursement Cycle is the whole process which starts with purchase of inventory and…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: Distinguish between cash discounts and trade discounts for purchases. Is the amount of a trade…

A: Discounts are given to attract customers and increase sales revenue. Discounts can be given as cash…

Q: Which of the following procedure is designed to prevent the company from ordering unnecessary items?…

A: D) Approval of purchase requisitions is the procedure designed to prevent the company from ordering…

Q: What account is debited when recording a purchase of inventory when using the perpetual inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

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: What account is debited when recording the payment of freight in when using the periodic inventory…

A: Definition:

Q: When purchases of merchandise are made on account and the perpetual method is used, the transaction…

A: If a business entity purchases the merchandise Inventory on account, hereunder double-entry system…

Q: Read the following statements carefully:   Recalculate the allowance of accounts receivables.…

A: Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…

Q: Amex Stores should include which of the following items in its inventory at the statement of…

A: solution concept we should always consider the following points while valuing the inventory goods…

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: 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: What account is debited when recording the adjusting entry to write down merchandise inventory under…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

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: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: Which account will be debited to record the purchase of merchandise on credit under periodic…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: _The account used to record cash discounts availed of on purchased goods.

A: Solution: Under periodic inventory system purchase discount is used to record cash discounts availed…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: Perpetual Inventory System It is the most important part of the business to enter the transactions…

Q: a debit to Accounts Payable and a credit to Merchand

A: A perpetual inventory system is an inventory management approach that uses an inventory management…

Q: When purchases of merchandise are made on account with a perpetual inventory system, the transaction…

A: Correct option is D Debit Merchandise Inventory;credit Account Payable   Reason : Merchandise…

Q: Explain how the sale of inventory on account is recorded under a periodic system. How does this…

A:

Q: Which of the following items should be included in a company's inventory at the balance sheet date?…

A: Inventory is the current asset which is being held by the entity for the purpose of sale.

Q: How do you determine the invoice of merchandise returned?

A: Merchandise return refers to the inventory that is returned by the customer to the seller for their…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: What account is debited when recording a purchase of inventory when using a periodic inventory…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: Describe the recording process for purchases of merchandise inventory using a Perpetual inventory…

A: Under perpetual inventory system, changes in merchandise inventory account are recorded after each…

Q: Which of the following document will be given by the supplier at the time of receipt of cash for the…

A: Receipts is issued when some party is paying cash and other is receiving cash . The party receiving…

Q: All of the following are documents used for inventory control except Oa. a receiving report. Ob. a…

A: There are various documents that works as evidence of a transaction.

Q: ich of the following account will be least likely involved in the purchasing sub-process of the…

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

Q: Why is the purchase journal used for journalizing the purchase of merchandise for resale on account…

A: Purchase journal is a separate book kept in the company to maintain and track the information of…

Q: Which of the following is not an example of safeguarding inventory? a. physical devices such as…

A: From the given options, option (b) is the correct answer:   Explanation:   Returning inventory…

Q: Under the periodic inventory system, the Purchases account is used to record: a. purchases of any…

A: The periodic inventory system records the cost of goods sold at the end of reporting period instead…

Q: What are the two journal entries involved when recording the sale of inventory when using the…

A: Perpetual inventory system refers to the inventory system that maintains the detailed records of…