Steven places an order to Peter or the supply of a certain product that was not yet manufactured. On receipt of the order, Peter goes to the market and purchase all the raw material required, hired some employees to get the things done, and successfully completed the order and delivered the goods to Steven. Now here the question arises that the sale is presumed to be recorded at the time of which event? O a. Purchase of raw material O b. Delivery of good O C. Receipt of good O d. Production of goods

Steven places an order to Peter or the supply of a certain product that was not yet manufactured. On receipt of the order, Peter goes to the market and purchase all the raw material required, hired some employees to get the things done, and successfully completed the order and delivered the goods to Steven. Now here the question arises that the sale is presumed to be recorded at the time of which event? O a. Purchase of raw material O b. Delivery of good O C. Receipt of good O d. Production of goods

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 1TIF

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The purchases and disbursements cycle usually begins when Group of answer choices A user department requests for acquisition of goods or services and submits purchase requisition to the purchasing department. A check is issued to the vendor or supplier. The warehouse received the goods from the vendor or supplier. The accounting posts the purchase transaction in the accounts payable ledger.
Multiple choice 1.The document authorizing the issuance of materials from the storeroom is the: A. Materials requisition B. Purchase requisition C. Receiving report D. Purchase order 2. Revenues earned from rendering services are recorded in this account. A. Sales B. Service fees C. Interest income D. Gains
For E2-15, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods.
the purchases and disbursements cycle usually begins when a. a user department request for acquisition of goods or services and submits purchase requisition to the purchasing department b. a check is issued to the vendor or supplier c. the warehouse is received the goods from the vendor or supplier d. the accounting posts the purchase transaction in the accounts payable ledger
The following documents are used in the process of purchasing and using raw materials: (1) Despatch note (2) Goods received note (3) Materials requisition (4) Purchase order (5) Purchase requisition Which of the documents would be used to update the stores ledger accounts? (2) only (2) and (3) (1), (2), (4) and (5) (1), (3), (4) and (5)
Which of the following statements is true about a purchase order? O a. It is a company's written offer to buy goods. O b. It is recorded as a purchase on its issue date by the purchasing company. O c. It is approved only after a supplier indicates acceptance of an order. O d. It is issued to a Purchasing Department by a Manufacturing Department.
EXERCISES Exercise 1: Materials Cost - Forms and Records. Used Match the following terms with the statements or phrases given below: Return shipping order Requisition journal Delivery receipt Bin tag Purchase order Receiving and inspection report Bill of materials Materials ledger cards Requisition summary Returned materials report Requisition Cost sheets a. It is used for materials previously issued and are returned to storeroom. It is used to evidence returns to suppliers b. c. It is attached to materials container and used to show stock movements. d. A list of all the materials required to finish a job or product
The finished goods inventory account is used to record which of the following? Group of answer choices The costs of completed products that have been sold The cost of materials not yet put into production The costs of products that are complete and ready to sell The costs of products that are in production but that are not yet complete
1. Which of the following procedure will complete the purchase procedure in a company? a. Approving suppliers invoice b. Checking the invoice c. Receiving the material by stores department d. Making the payment
8. How does Aritzia recognize revenue if a product is purchased on-line and will either be delivered or picked up by the customer at the store? need ans in txt form
Good Buy, Inc. (good-buy.com) Good Buy, Inc. (a fictitious company) sells a variety of consumer products through its Web site, good-buy.com. Good Buys IT infrastructure consists of a front-end Web server that interacts with customers and a back-end ERP system that manages the inventory and performs other typical ERP functions. The sales order process begins when a customer logs on to the good-buy.com Web site. The Web server requests the current Good Buy online catalog from the ERP system, which sends the catalog to the Web server, and the server displays it to the customer. The customer selects the items and quantities that he wants to purchase; the Web server edits the customer input for accuracy (e.g., ensures that all required fields have been selected or filled in) and sends this list on to the ERP system, where the requested quantities of inventory are allocated for the sale. The ERP sends back to the Web server the quantities that have been allocated, and the Web server displays this information on the customers screen. The customer verifies that the order is correct and completes the sale by entering his shipping and credit card information. The Web server edits this data for accuracy (e.g., ensures that all required fields have been selected or filled in and that the length of the entered credit card number is correct) and sends the credit card information and amount of the sale on to the credit card company. The credit card company sends back a verification number, and the Web server notifies the customer that the sale has been completed by displaying a confirmation number on the customers screen. The Web server also notifies the ERP system that the sale has been completed, and the ERP system changes the status of the inventory from allocated to sold, prints a picking ticket or packing slip in the warehouse, and records (on the enterprise database) a sale and an account receivable from the credit card company. a. Prepare an annotated table of entities and activities based on the output from Problems 4-4 and 4-5. Indicate on this table the groupings, bubble numbers, and bubble titles to be used in preparing a level 0 logical DFD. b. Prepare a logical DFD (level 0 only) based on the table you prepared in part (a). Use Microsoft Visio or other diagraming software.
Good Buy, Inc. (good-buy.com) Good Buy, Inc. (a fictitious company) sells a variety of consumer products through its Web site, good-buy.com. Good Buys IT infrastructure consists of a front-end Web server that interacts with customers and a back-end ERP system that manages the inventory and performs other typical ERP functions. The sales order process begins when a customer logs on to the good-buy.com Web site. The Web server requests the current Good Buy online catalog from the ERP system, which sends the catalog to the Web server, and the server displays it to the customer. The customer selects the items and quantities that he wants to purchase; the Web server edits the customer input for accuracy (e.g., ensures that all required fields have been selected or filled in) and sends this list on to the ERP system, where the requested quantities of inventory are allocated for the sale. The ERP sends back to the Web server the quantities that have been allocated, and the Web server displays this information on the customers screen. The customer verifies that the order is correct and completes the sale by entering his shipping and credit card information. The Web server edits this data for accuracy (e.g., ensures that all required fields have been selected or filled in and that the length of the entered credit card number is correct) and sends the credit card information and amount of the sale on to the credit card company. The credit card company sends back a verification number, and the Web server notifies the customer that the sale has been completed by displaying a confirmation number on the customers screen. The Web server also notifies the ERP system that the sale has been completed, and the ERP system changes the status of the inventory from allocated to sold, prints a picking ticket or packing slip in the warehouse, and records (on the enterprise database) a sale and an account receivable from the credit card company. a. Prepare a table of entities and activities for Good Buy, Inc. or CentralRisk Insurance Company. b. Construct a context diagram based on the table you prepared in part (a). Use Microsoft Visio or other diagraming software.