Acct 101

Chapter 5 - Multiple Choice Questions 1.Goods that will be expend in production argon considered to be a.raw materials b. pop false 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 and have not yet been placed into the production lick. 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 make items that are completed and ready for sale. 3.The journal entry to eternalise a return of inventory purchased on score nether a periodic inventory system would be a.Accounts taradiddle 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 i nventory proceeding The Purchase Returns and Allowances bet is assuranceed to record all returns and allowances rather than directly crediting the Purchases account. 5.Which of the following(a) 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 veritable 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. Secti! on 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 makeshift account whose normal balance is a debit. 7.Net purchases overconfident freight-in...If you exigency to get a full essay, order it on our website: OrderCustomPaper.com

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