Acct 101

Chapter 5 - Multiple Choice Questions 1.Goods that will be go for in production be considered to be a.raw materials b. pop dour 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 except have not yet been placed into the production motion. 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 fabricate items that are completed and ready for sale. 3.The journal entry to eternize a return of inventory purchased on score chthonian a periodic inventory system would be a.Accounts collectible 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 proceedings The Purchase Returns and Allowances invoice is acknowledgmented to record all returns and allowances rather than directly crediting the Purchases level. 5.Which of the adjacent 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, de bit 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 temporal account whose normal balance is a debit. 7.Net purchases overconfident freight-in...If you emergency to get a full essay, order it on our website: OrderCustomPaper.com

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