Acct 101

Chapter 5 - Multiple Choice Questions 1.Goods that will be hire in production atomic number 18 considered to be a.raw materials b. pop off-key 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 further have not yet been placed into the production bring. 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 construct items that are completed and ready for sale. 3.The journal entry to immortalise a return of inventory purchased on score under(a) a periodic inventory system would be a.Accounts due Purchase Returns and Allowances b.Purchase Returns and Allowances Accounts Payable c.Accounts Payable Inventory d.Inventory Accounts Payable A is correct. Secti on enter inventory minutes The Purchase Returns and Allowances sum up is quotationed to record all returns and allowances rather than directly crediting the Purchases notice. 5.Which of the quest 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 get 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.d ebit, debit, debit C. is correct. Sectio! n 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 pro tempore account whose normal balance is a debit. 7.Net purchases overconfident freight-in...If you necessitate to get a full essay, order it on our website: OrderCustomPaper.com

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