Match each description with the correct term. Goods held for sale by one party although ownership of the goods is retained by another party. [ Choose ] [Choose ] Consigned goods Net realizable value Inventory system in which companies manufacture or purchase goo FOB (free on board) shipping point Dictates that a company use the same accounting principles FOB (free on board) destination and methods from year to year. Consistency concept Freight terms indicating that ownership of the goods [ Choose ] remains with the seller until the goods reach the buyer. Freight terms indicating that ownership of the goods passes to the buyer when the public [Choose ] carrier accepts the goods from the seller. Net amount that a company [ Choose ] expects to realize (receive) from the sale of inventory. Specifically, it is the estimated selling price in the normal course of business, less estimated costs to complete and sell. > >

Match each description with the correct term. Goods held for sale by one party although ownership of the goods is retained by another party. [ Choose ] [Choose ] Consigned goods Net realizable value Inventory system in which companies manufacture or purchase goo FOB (free on board) shipping point Dictates that a company use the same accounting principles FOB (free on board) destination and methods from year to year. Consistency concept Freight terms indicating that ownership of the goods [ Choose ] remains with the seller until the goods reach the buyer. Freight terms indicating that ownership of the goods passes to the buyer when the public [Choose ] carrier accepts the goods from the seller. Net amount that a company [ Choose ] expects to realize (receive) from the sale of inventory. Specifically, it is the estimated selling price in the normal course of business, less estimated costs to complete and sell. > >

Name: **Matching Descriptions with Accounting Terms**1. **Goods held for sa
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Description: **Matching Descriptions with Accounting Terms**1. **Goods held for sale by one party although ownership of the goods is retained by another party.** - Options: Consigned goods, Net realizable value, Inventory system, FOB (free on board) shipping p

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...

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Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?
Consider each of the following independent situations. Should a company report the goods in its inventory? (a) Goods purchased by the company with shipping terms FOB shipping point that are in transit at the end of the year (b) Goods received by the company on consignment (c) An estimate of the amount of goods sold by the company that it expects the buyer to return (d) Goods required to be purchased by the company under an unconditional purchase obligation
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