Which feature helps streamline the purchasing process once a customer approves an estimate? Create invoice from estimate G O Price Rules Create purchase order from an estimate Create invoice from purchase order

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: List the steps to record sales under a perpetual inventory system as a buyer and a seller.

A: The accounting practice of perpetual inventory allows a company to keep continuous, real-time track…

Q: Which of the following is an agent in a purchases and payments structure model? Question 6Answer…

A: The objective of the question is to identify the agent in a purchases and payments structure model…

Q: Why is it important to obtain shipping and receiving cutoff information during the inventory…

A: Cut-off Procedures:   The audit procedures applied to separate the transactions from one period to…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: Which document would be used to support the recording of  a sale on account?   Question 49 options:…

A: Invoices or bills are used to record the credit transactions related to purchases and sales.

Q: Briefly explain the following terms

A: 1. Matching principle : The income recognition theory in accrual reporting specifies that earnings…

Q: To correct a sales invoice that was accidentally posted containing the wrong inventory - Select one:…

A: A sales invoice is a commercial document issued by a seller to a buyer as an official record of a…

Q: Which of the following costs do not come under inventory carrying cost calculation? Investment in a…

A: The ideal order quantity for a corporation to purchase in order to minimize inventory costs is known…

Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…

A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: How to find sales under LIFO

A: LIFO stands for last in first out. It represents that the units that are purchased last would be…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: When preparing the invoices, the prices come from the A. packing slips B. shipping notices C.…

A: Answer: Invoice is one of the most important document to identify the actual sales or purchases…

Q: Calculate the unit variable costs within the relevant range. (Round answer to 2 decimal places e.g.…

A: Variable costs are costs that varies with the output unit. Fixed costs are costs that remains…

Q: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: It was the end of the third quarter for Marigold Industries. There had been some discussion in prior…

A: Direct material price variance is a variance between the rate at which material should be purchased…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: Which numbers do I need to use to compute the sales

A: Sales is the dollar value received by selling any number of units.

Q: Which options do you select on the Requisition Preferences page? (Choose two) Favorite charge…

A: Supply Chain Management (SCM) refers to the planning, coordination, and control of the entire…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: Please tell us about Sales Discounts.  Why are they necessary?  Does this account appear on the…

A: Discount is the amount of reduction in the value of sale or purchase. In other words, discount in…

Q: In your own words, discuss the differences between a perpetual and periodic inventory system. Your…

A: Inventory is the current asset posted on the balance sheet of the company.

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: Match each item to a choice: Choices: Purchase discount Sales discount Buyer Seller

A: Invoice refers to a document issued by the trader displaying the addresses of the seller and buyer,…

Q: it is calculated in which of the following a

A: Net Profit is the gross profit less operating expenses which includes selling expenses and…

Q: The objective of is to encourage the buyer to purchase in large quantities and to increase the level…

A: The sellers of the goods adopt various techniques to encourage the buyers to acquire goods in large…

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: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: How do you find date goods are recieved

A: Goods Receipt Note (GRN) is a document which acknowledges that the goods have been received. A…

Q: A vendor can have default accounts for Expense and HST set up in the vendor Options window. a) True…

A: A company must have all valid accounts related to the transactions so that all entries can be made…

Q: written statements with details of prices and terms of the offer for products

A: Option a is wrong because Purchase Returns Note is used to record the goods returned by the entity…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.