Description : Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $400 of the shipment for credit. Paid $100 freight on the shipment. ... . b. increased by $19,700. c. increased by $19,306. d. increased by $19,308.
Last Answer : d. increased by $19,308.
Description : Zach's Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment ... 020. b. increased by $49,250. c. increased by $48,265. d. increased by $48,270.
Last Answer : d. increased by $48,270.
Description : Where were the monthly accounts of the baker recorded? -Democratic 10th
Last Answer : The bakers usually collected their bills at the end of the month and their monthly accounts were recorded on some wall in the house with a pencil.
Description : Interest payments on loans borrowed abroad are recorded in A. Capital Account B. Current Accounts C. errors and Omission Section D. Official Reserve Account
Last Answer : Current Accounts
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.
Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.
Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.
Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.
Last Answer : d. proves that all transactions have been recorded.
Description : As an incentive for customers to pay their accounts promptly, a business may offer its customers a. a sales discount. b. free delivery. c. a sales allowance. d. a sales return.
Last Answer : a. a sales discount.
Description : The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.
Last Answer : c. debit to Cash for $900.
Description : The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.
Last Answer : a. debit to Sales Discounts for $12.
Description : The entry to record the receipt of payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a credit to a. Sales Discounts for $15. b. Cash for $735. c. Accounts Receivable for $750. d. Sales for $750.
Last Answer : c. Accounts Receivable for $750.
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.
Description : (i) Transactions remained to be recorded at all in the books of account.
Last Answer : Give one word/term or phrase for each of the following statements : (i) Transactions remained ... that affect the debit and credit side equally.
Description : Transaction not recorded in the books is an error of principle.
Last Answer : State whether the following statement are True or False with reason : Transaction not recorded in the books is an error of principle.
Description : Casual leave need not be reported nor recorded in absentee statements, in service books or service rollsThe above said statement is
Last Answer : True
Description : While surveying a plot of land by plane tabling, the field observations (A) And plotting proceed simultaneously (B) And plotting do not proceed simultaneously (C) And recorded in field books to be plotted later (D) All the above
Last Answer : (A) And plotting proceed simultaneously
Description : Which of the following statement is correct? (A) The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only (B) The amount of Goodwill or Capital ... value of shares of purchasing company will be taken in to account while calculating purchase consideration.
Last Answer : The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only
Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these
Last Answer : (b) Conservatism
Description : An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books? a) Rs.1,47,000 b) Rs. 1,51,000 c) Rs.1,63,000 d) Rs.1,41,000
Last Answer : b) Rs. 1,51,000
Description : Trade Payables are recorded in................ a) Asset side of B/S b) Liability side of B/S c) P & L a/c d) None ofthe above
Last Answer : b) Liability side of B/S
Description : Trade discount is allowed for prompt payments.
Last Answer : Trade discount is allowed for prompt payments.
Description : Trade discount is calculated after cash discount while calculating discount on purchase or sales.
Last Answer : Correct the following statement and rewrite the statement : Trade discount is calculated after ... while calculating discount on purchase or sales.
Description : Can I trade my old broken cell phone in for a discount on a new one?
Last Answer : You can trade your old cell phone in, and get a discount on your new phone; but you will not get the new phone for free when you trade in the old phone.
Description : Define trade discount?
Last Answer : Ans: discount offered by a manufacturer to trade channel members if they perform certain functions such as selling storing and record keeping?
Description : If Ralph Lauren offers to give retailers half the costs they incur in advertising Polo after-shave, the retailers have the option of taking advantage of a(n): A)seasonal discount. B)allowance. C)trade discount. D)noncumulative refund. E)cash discount.
Last Answer : B)allowance.
Description : If Tailormaid offers to reduce the price of its women's blazers when retailers buy over one hundred pieces, the manufacturer is offering a __________ discount. A)quantity B)cash C)seasonal D)trade
Last Answer : A)quantity
Description : The Shirt Company utilises a push strategy to sell the Ecoshirt line. Its basic promotional tool is discount. These discounts offered to middlemen are referred to as ___ discounts. A)trade B)cumulative C)noncumulative D)quality E)middlemen
Last Answer : A)trade
Description : If Nordica offered a 25 percent discount to retailers that ordered ski boots in February for delivery in May, the retailer would have the option of taking advantage of which type of discount? A)Trade B)Cumulative C)Cash D)Quantity E)Seasonal
Last Answer : E)Seasonal
Description : The buyer at Exeter Furniture Store is informed that if she will increase her recent order of fifteen mattress sets to twenty, she will receive a 14 percent price reduction. This offer is due to a ... future. The discount offered here is A)cash. B)noncumulative. C)seasonal. D)trade. E)cumulative.
Last Answer : B)noncumulative.
Description : What type of discount is given to a purchaser for performing activities such as transporting, storing, and selling? A)Quantity discount B)Cash discount C)Geographic discount D)Service discount E)Trade discount
Last Answer : E)Trade discount
Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.
Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.
Description : From which books of accounts posting is made in the Ledger?
Last Answer : From which books of accounts posting is made in the Ledger?
Description : Irregularities, frauds, and misappropriations can be detected only because of books accounts.
Last Answer : State whether the following statement are true or false with reason : Irregularities, frauds, and ... can be detected only because of books accounts.
Description : The figures of profit and net worth are disclosed by books of accounts.
Last Answer : State whether the following statement are true or false with reason : The figures of profit and net worth are disclosed by books of accounts.
Description : Which of the following is a function of SEBI? A. to approve by−laws of stock exchanges. B. inspect the books of accounts of financial intermediaries. C. to require the stock exchange to amend their ... compel certain companies to list their shares in one or more stock exchanges. E. All of the Above
Last Answer : E. All of the Above Explanation: Function of SEBI: To approve by−laws of stock exchanges. Inspect the books of accounts of financial intermediaries. To require the stock exchange to amend their by−laws. Compel certain companies to list their shares in one or more stock exchanges.
Description : LLP must Maintain books of accounts on accrual basis.
Last Answer : FALSE
Description : What is the trade off to putting money in savings accounts compared to a money market accounts or a certificate of deposits?
Last Answer : Need answer
Description : Your firm has a philosophy that is analogous to the hedging (maturity matching) approach. Which of the following is the most appropriate non-spontaneous form for financing the excess seasonal current asset needs? ... credit. B. 6-month bank notes. C. Accounts payable. D. Common stock equity.
Last Answer : B. 6-month bank notes.
Description : Your firm has a philosophy that is analogous to the hedging (maturity matching) approach. Which of the following is the most appropriate form for financing a new capital investme nt in plant and equipment? A. Trade credit. B. 6-month bank notes. C. Accounts payable. D. Common stock equity
Last Answer : D. Common stock equity.
Description : Buying a company's accounts receivable on a nonrecourse basis is known as _____. A. switch trading B. financing C. factoring D. funding E. free trade
Last Answer : C. factoring