statements is true or false. In barter transactions, if the commodities exchanged are similar in nature, then no revenue is recognized.  Answer If Sears sells garden tools but gives the customers the right to return them, Sears should recognize an

Q: Le Sserafim Industries sells merchandise to dealers on a consignment basis. Shipping costs are…

A:

Q: If goods that are the subject of a sales contract are lost, damaged uno fault of nith pone

A: payment responsibility refers to the obligation of an individual or entity to pay for a product or…

Q: When the buyer shoulders the shipping cost of a shipment, the right term to state in the invoice is

A: We have to find the right term to mention in the invoice, when the buyer is willing to pay the…

Q: The seller collects sales taxes from the customer at the time of sale and reports the sales taxes as…

A: Sales tax: When the one person sold goods to another person for the business or resold purpose then…

Q: Which of the following is an example of a transactional negotiation? O A seller says that a buyer…

A: Transactional negotiation refers to a negotiation in which two or more parties attempt to find a…

Q: What do firms use to record the sales value of a transaction when a note receivable has either an…

A: Notes receivable are a written promise which gives the holder of the note a right to receive…

Q: hat account does a merchandiser use that a service company does not use?

A: Merchandiser deals in purchasing and selling products to customer whereas  a service company deals…

Q: Which of the following in NOT a potential benefit of granting trade credit? O May allow quicker…

A: Trade credit is a business arrangement where a seller allows a buyer to purchase goods or services…

Q: In a purchase transaction, when the buyer includes a debit to transportation in and an addition to…

A: FOB Destination, freight collect: All the responsibility of goods lies with the seller till…

Q: (Accounting Treatment of Purchase Discounts) Shawnee Corp., a household appliances dealer, purchases…

A: Inventory:  Inventory refers to the raw materials, work-in-process, and the finished goods products…

Q: When do companies break apart a sale and treat its parts differently for purposes of recognizing…

A: Earlier, the concept of revenue recognition was not properly framed and it created problems on the…

Q: Internet companies that simply act as agent or broker for the transfer of goods can record revenue…

A: Internet companies that simply act as agent or broker for the transfer of goods , act in the…

Q: tatement is INCORRECT, explain why the

A: Cost, insurance, and freight (CIF): It is an international agreement in shipment that shows the…

Q: If a company sells a product, and gives the buyer the right to return the product within a specified…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: FOB destination of a Merchandise Business means: a. Seller is not responsible for the goods b. Buyer…

A: Whenever business sells goods to the customer, then there can be two type of terms. One is FOB…

Q: Vhen an item to be p eller and has not yet wed is figured as

A: In simple terms prorate means to give or divide the item for which the price is not yet paid. It can…

Q: Which of the following statements regarding freight costs is true? Oa. FOB destination means that…

A: The inventory is recorded as current assets in the balance sheet . The inventory is recorded…

Q: EITHER TRUE OR FALSE. Explain why the assertion is incorrect if it is in fact incorrect. 1.…

A: Purchase Order is issued to seller for approval. Approved PO is not sent to seller but is sent for…

Q: t is generally agreed that sales revenue should only be ‘realized’ and so ‘recognized’ in the…

A: Accrual Basis of Accounting:Accrual Basis of accounting refers to the accounting, where the…

Q: A. Sales allowance B. Purchase returm i. A customer returns merchandise for a full refund ii. A…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: Which of the following statements is incorrect? a) Sales tax collected by a seller is recorded as…

A: Free on Board contracts are contracts in which the seller is responsible only till goods are on…

Q: Which of the following refers to the ability of a firm to buy repeatedly from a supplier on trade…

A: Trade credit is a short term financing tool available to companies.Using trade credit a company is…

Q: When one owner or creditor sells to another, the transaction takes place in the which market?…

A: Financial Market is a place where the trading of securities take place. There are major two types of…

Q: f goods are sold on terms FOB shipping​ point, the​ ________.         A. seller normally pays the…

A: The invoice contains all the terms related to sale like FOB point, discount and due date of the…

Q: Explain why, in most cases, a seller recognizes revenue when it delivers its product rather than…

A:

Q: Where goods are sold by a person who is not the owner thereof, and who does not sell them under the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Indicate whether each of the following statements is true or false. Delayed recognition of revenue…

A: 1) As per Revenue recognition principle, Delayed recognition of revenue is appropriate if the degree…

Q: 1.If Company Abee holds consigned goods from Company XyXy, which statement is true? Group of answer…

A: Consignment is the type of business in which one person (consignor) sent goods to the other person…

Q: When should a seller view a payment to its customer as a refund of part of the price paid by the…

A: Revenue recognition principle:   The revenue recognition principle refers to the revenue that…

Q: Which one among the following conditions is NOT a condition of Murabaha:   - Payment may be made…

A: Murabaha, also known as cost-plus finance, is an Islamic financing system in which the buyer and…

Q: Revenue can be recognized when all of the following criterias are met EXCEPT     There is credible…

A: BEFOR REVENUE IS RECOGNIZED FOLLOWING CRITERIA'S MUST ME MET : 1. PERSUASIVE EVIDENCE OF AN…

Q: Why should one not use a rent-to-own for mer

A: Rent - to- own: Rent-to-own (RTO) stores sell things like articles of furniture and appliances to…

Q: If the seller is paid after delivery of goods or services and the time value of money is viewed as…

A: If the seller is paid after the delivery of goods or services and the time value of money is viewed…

Q: A company regularly purchases materials from a manufacturer on credit. Payments for thesepurchases…

A: Current liabilities are those dues and obligations which needs to be settled by the business in…

Q: the discount that is being acquired

A: First option is wrong because the cash discount is the discount given by the seller to the buyer for…

Q: Using the contract-based approach, revenue is recognized for the sale of goods when the following…

A: According to the IFRS criteria, for revenue to be recognized, the following conditions must be…

Q: nd the cost of the goods is paid within the predetermined term? A) Payment with Acceptance Credit…

A: When goods are exported, the amount of payment is controversial as the amount of payment changes at…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.