1.Goods that will be utilize in production are considered to be
a.raw materials
b. pop off in progress
c.finished goods
d. stock-taking
A is correct.
character Classifying muniment Raw materials are the basic materials that will be used in manufacturing nevertheless have not yet been placed into the production process.
2.In a manufacturing business, gillyflower that is set up for sale is called
a.raw materials
b.work in process
c.finished goods
d.store supplies
C is correct.
Section Classifying Inventory Finished goods inventory comprises manufactured items that are completed and ready for sale.
3.The journal entry to eternalise a return of inventory purchased on score under a periodic inventory system would be
a.Accounts Payable
Purchase Returns and Allowances
b.Purchase Returns and Allowances
Accounts Payable
c.Accounts Payable
Inventory
d.Inventory
Accounts Payable
A is correct.
Section enter inventory transactions The Purchase Returns and Allowances account is credited to record all returns and allowances rather than directly crediting the Purchases account.
5.Which of the following accounts has a dominion credit balance?
a.Purchases
b.Sales Returns and Allowances
c.
Freight-in
d.Discount received
D is correct.
Section Recording inventory transactions Discount Received is a revenue account whose normal balance is a credit.
6.The individual normal balances of Purchases, Discount received, and Freight-in are
a.credit, credit, debit
b.debit, credit, credit
c.debit, credit, debit
d.debit, debit, debit
C. is correct.
Section Recording inventory transactions Purchases is a unpredictable account whose normal balance is a debit; Discount Received is a revenue account whose normal balance is a credit; Freight-in is a temporary account whose normal balance is a debit.
7.Net purchases overconfident freight-in...If you want to get a full essay, order it on our website: Ordercustompaper.com
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