Answered: The authority to accept incoming goods…

The authority to accept incoming goods in receiving should be based on a(an): Multiple Choice O vendor's invoice. materials requisition. bill of lading. approved purchase order.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 9DQ

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The authority to accept incoming goods in receiving should be based on a(n)(1) vendor’s invoice. (3) bill of lading.(2) purchase requisition. (4) approved purchase order.
When goods are received, the receiving clerk should match the good with_____? A. The vendor invite and the vendor shipping document B. The purchase order and the requisition form C. The vendor shipping document and the purchase order D. The vendor invite and the purchase order
Which one of the following statements best describes the purpose of a purchase order? It is issued to a supplier to request supply of goods from them on terms specified within the order A It is issued to a customer to confirm the supply of goods to them on terms specified in the order В It is issued to a supplier as notification of payment It confirms the price that will be charged by a supplier for goods supplied C D
A form used to request the responsible person or department to purchase merchandise or other property is known as a a.purchase invoice. b.purchase order. c.purchase requisition. d.receiving report.
What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A. a journal entry, a supplier invoice, and a description of the goods being purchased B. a supplier invoice, a bill of lading, and the supplier's financial statements C. a purchase order, a journal entry, and a price catalog D. a receiving report, an invoice, and a purchase order
When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?
If the buyer is to pay the transportation costs of delivering the merchandise, delivery terms are stated as O A. FOB shipping point O B. FOB destination C. FOB shipping destination O D. FOB buyer
Which document helps to ensure that the receiving clerks actually count the number of goods received? a. Invoice b. Shipping notice c. Blind copy of purchase order d. Packing list
Why is a “blind” purchase order used as a receiving report document?
Which one of the following statements best describes the purpose of a goods despatched note? A It is issued by a customer returning faulty goods to their supplier. It is issued by a customer to their supplier and specifies the quantity and type of goods they require to be despatched. В It is issued by a supplier to their customer and specifies the quantity and type of goods delivered to that customer. C It is issued by a supplier to their customer and specifies what goods will be provided to them at a specified future date.
For a Credit Invoice Received, which entry should be made? debit to sales returns and allowances, debit to the purchases account, credit to the purchase returns and allowances account or credit to the sales account?