On what factors perpetual inventory system would be suggested for an automobile company?

On what factors perpetual inventory system would be suggested for an automobile company?
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I would think that their purchasing practices would be a factor. How much variability do they have in cost of parts?
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A perpetual inventory system would likely be used by a(n) a. automobile dealership. b. hardware store. c. drugstore. d. convenience store.

Description : A perpetual inventory system would likely be used by a(n) a. automobile dealership. b. hardware store. c. drugstore. d. convenience store.

Last Answer : a. automobile dealership.

f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy

Description : f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy

Last Answer : a. must have a computer accounting system.

In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting a. Purchases. b. Purchase Returns. c. Purchase Allowance. d. Merchandise Inventory.

Description : In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting a. Purchases. b. Purchase Returns. c. Purchase Allowance. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

Under a perpetual inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.

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Last Answer : a. Merchandise Inventory account.

he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and Allowances Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : a. verify the accuracy of the accounting records.

In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Description : In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Last Answer : d. .Cash and Cost of Goods Sold.

In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Description : In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Last Answer : b. only when a credit sale of merchandise occurs.

In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Description : In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Last Answer : a. Merchandise Inventory.

. If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the a. Merchandise Inventory account will be increased. b. Merchandise Inventory account will not be affected. c. seller will bear the freight cost. d. carrier will bear the freight cost.

Description : . If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the a. Merchandise Inventory account will be increased. b. Merchandise Inventory account will not be affected. c. seller will bear the freight cost. d. carrier will bear the freight cost.

Last Answer : a. Merchandise Inventory account will be increased.

A buyer would record a payment within the discount period under a perpetual inventory system by crediting a. Accounts Payable. b. Merchandise Inventory. c. Purchase Discounts. d. Sales Discounts.

Description : A buyer would record a payment within the discount period under a perpetual inventory system by crediting a. Accounts Payable. b. Merchandise Inventory. c. Purchase Discounts. d. Sales Discounts.

Last Answer : b. Merchandise Inventory.

The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Description : The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.

Description : Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.

Last Answer : d. Cost of Goods Sold account.

In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Description : In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Last Answer : d. with each sale.

Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period.

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Last Answer : b. Perpetual inventory systems require more detailed inventory records.

Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Last Answer : b. periodic inventory system.

Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. d. neither a perpetual nor a periodic inventory system.

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Last Answer : b. a periodic inventory system.

A merchandising company using a perpetual system may record an adjusting entry by a. debiting Income Summary. b. crediting Income Summary. c. debiting Cost of Goods Sold. d. debiting Sales.

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Last Answer : d. debiting Sales.

merchandising company using a perpetual system will make a. the same number of adjusting entries as a service company does. b. one more adjusting entry than a service company does. c. one less adjusting entry than a service company does. d. different types of adjusting entries compared to a service company.

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Last Answer : c. one less adjusting entry than a service company does.

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Mention any two factors that have contributed to a healthy growth of the automobile industry in India ? Name two centres where this industry is located. -SST 10th

Description : Mention any two factors that have contributed to a healthy growth of the automobile industry in India ? Name two centres where this industry is located. -SST 10th

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(i) An incorporated association which is an artificial person created by law having perpetual succession is called _______

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Why a perpetual motion machine can never be built?

Description : Why a perpetual motion machine can never be built?

Last Answer : Need answer

Why is a windmill not a perpetual motion machine?

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Where to get a Perpetual generator to produce 240 volts?

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What climate experiences seasonal periods of perpetual nights?

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Why is a windmill not a perpetual motion machine?

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This law of thermodynamics prohibits the construction of a perpetual motion machine “of the second kind”  a. Zeroth Law of Thermodynamics  b. First Law of Thermodynamics  c. Second Law of Thermodynamics  d. Third Law of Thermodynamics

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A device that violates the second law of thermodynamics is called a ______.  A. Perpetual motion machine of the second kind  B. Universal machine of the second kind  C. Ambiguous machine of the second kind  D. Unique machine of the second kind

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A device that violates the first law of thermodynamics is called a _____.  A. Perpetual-motion machine of the first kind  B. Universal machine of the first kind  C. Ambiguous machine of the first kind  D. Unique machine of the first kind

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A device that violates either the first law of thermodynamics or the second law of thermodynamics is known as _____.  A. Ambiguous machine  B. Universal machine  C. Perpetual-motion machine  D. Unique machine

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Which of the following represents the perpetual motion of the first kind  (a) engine with 100% thermal efficiency  (b) a fully reversible engine  (c) transfer of heat energy from low temperature source to high temperature source  (d) a machine that continuously creates its own energy  (e) production of energy by temperature differential in sea water at different levels.

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Which of the laws of Thermodynamics is often invoked to discredit attempts at perpetual motion?

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Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account,thus overstating expenses. b. Company management changesinventory count tags and overstatesending inventory, while understatingcost of goods sold. c. An employee steals inventory and the“shrinkage” is recorded in cost of goodssold. d. An employee steals small tools from thecompany and neglects to return them;the cost is reported as a miscellaneousoperating expense

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Last Answer : Company management changes inventory count tags and overstates ending inventory, while understating cost of goods sold

64. For any company, energy consumption mostly relates to…….. a) Profits b) Inventory c) Production d) All the above

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Last Answer : b. $1,400,000 and 30%.

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Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period? a. $5,000 b. $4,900 c. $4,500 d. $4,600

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Last Answer : b. $4,900

The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues.

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