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
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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...

See similar textbooks

Related questions

Q: Match the accounting terminology to the definitions. AClick the icon to view the definitions.) More…

A: Definition: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system…

Q: Why would a company choose to use an inventory costing method that estimates the cost of the goods…

A: In this question, we explain that why would a company choose to use an inventory costing method…

Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…

A: The carrying value of the goods that are sold during a given period of time are termed as cost of…

Q: Which of the following statements is incorrect? Select one: a. By using the IFRS, goods shipped on…

A: Option C is correct.

Q: If NetSolutions purchases merchandise inventory and pays the shipping or freight costs, the shipping…

A: FOB (Free on Board) destination is a type of FOB contracts under which ownership of the merchandise…

Q: Which inventory system records both sales and cost of goods sold at the point of sale? Group of…

A: There are different types of inventory system being used depending the record of pricing and record…

Q: Select all that apply Determine which of the following statements are correct regarding the…

A: The objective of this question is to identify the correct statements about the difference between…

Q: Lower of cost or market: Multiple Choice Records only an increase in inventory value. Is only…

A: "Can be applied to each individual item, major categories of items, or the whole inventory."…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

**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 point, FOB (free on board) destination, Consistency concept.

2. **Dictates that a company use the same accounting principles and methods from year to year.**
- Options: Consigned goods, Net realizable value, Inventory system, FOB (free on board) shipping point, FOB (free on board) destination, Consistency concept.

3. **Freight terms indicating that ownership of the goods remains with the seller until the goods reach the buyer.**
- Options: Consigned goods, Net realizable value, Inventory system, FOB (free on board) shipping point, FOB (free on board) destination, Consistency concept.

4. **Freight terms indicating that ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller.**
- Options: Consigned goods, Net realizable value, Inventory system, FOB (free on board) shipping point, FOB (free on board) destination, Consistency concept.

5. **Net amount that a company 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.**
- Options: Consigned goods, Net realizable value, Inventory system, FOB (free on board) shipping point, FOB (free on board) destination, Consistency concept.

**Dropdown Menu Options:**
- Consigned goods
- Net realizable value
- Inventory system in which companies manufacture or purchase goods only when needed for use.
- FOB (free on board) shipping point
- FOB (free on board) destination
- Consistency concept

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Match the accounting terminology to the definitions. A(Click the icon to view the definitions.) More Info - X Term Definition 1. Cost of Goods Sold 2. Perpetual inventory system An inventory system that requires businesses to obtain a physical count of inventory to а. 3. Vendor determine quantities on hand. 4. Periodic inventory system Expenses, other than Cost of Goods Sold, that are incurred in the entity's major b. 5. Operating expenses ongoing operations. 6. Gross profit Excess of Net Sales Revenue over Cost of Goods Sold C. d. The cost of merchandise inventory that the business has sold to customers. The individual or business from whom a company purchases goods. е. f. An inventory system that keeps a running computerized record of merchandise inventory Print Done
Correct answer
Expert of general account help me to solve...
Don't use ai
Don't use ai
The Effect of Accounting Methods on Financial Statements: Q: 1a) Explain how two identical companies using the same accounting methods could show different net incomes because they used different inventory methods. Q: 1b) Give a hypothetical mathematical example of this occurring. Q: 2) A company has seen in the past that some of their credit customers never pay. Does this affect the financial statements for the current year?
q(32+33)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer.
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?
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Please do not give solution in image format thanku
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)