Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / 1) Purchased inventory on Terms of 2/5, N30 from ABC Company worth $2,500, what Special Journal must I use? 2) Shrinkage refers to inventory kept not refrigerated for more than 10 days
1) Purchased inventory on Terms of 2/5, N30 from ABC Company worth $2,500, what Special Journal must I use?
2) Shrinkage refers to inventory kept not refrigerated for more than 10 days. True False
3) When using the Sales Journal, the two columns that show most efficiency are?
and
and
4 An NSF cheque is caught by the Book side of the Bank Reconciliation. True False
5 How does journalizing adjustments, help to make Financial Statements correct? .
6 In the LIFO, FIFO and the Weighted Average Cost methods, which one has the potential for increasing the cost of inventory? Why?
7 Who is likely to pay the freight if the FOB is at the halfway point between the Seller and the Buyer?
8 Calculate a Current Ratio from the following balances:
Supplies $4,000, Furniture $12,000, Unearned Revenue $12000, Equipment $1,300, Rental Expense $3000, Mortgage $2,000, Prepaid Insurance $6,000, Accounts Payable $7,500, Sales Return & Allowances $8,000. What does the Current Ratio mean?
9 The Cost Principle is a GAAP that tells the Accountant items in inventory must remain at the Historical Cost and he/she must follow this rule regardless of circumstances. True False
10 How can the term EOM be used effectively by a smart entrepreneur?
12 The accountant forgot to record some work he did for a client when doing an accrual, which account/s will be understated, and which will be overstated; if any?
13 When would you use a volume discount?
