6) Merchandise Inventory: Can Include The Cost Of Shipping The Goods To The Store And Making Them Ready For Sa?

6) Merchandise inventory:
Can include the cost of shipping the goods to the store and making them ready for sale.
Equals cost of goods sold minus shipping costs.
Only appears on the balance sheet of a service company.
Refers to products a company owns but does not intend to sell.
Is reported on the balance sheet as a fixed asset.
7) A trade discount is:
A reduction in price below the list price.
A reduction in price for prompt payment.
Also called a rebate.
A term used by a purchaser to describe a cash discount given to customers for prompt payment.
A term used by a seller to describe a cash discount granted to customers for prompt payment.
8)Credit terms include the:
Invoice date.
Discount period.
Discount amount.
Credit period.
All of the above
9) The credit terms 3/15, n/60 are interpreted as:
60% discount if paid within 15 days.
15% cash discount if the amount is paid within 3 days, with balance due in 60 days.
3% discount if paid within 60 days.
15% discount if paid within 60 days.
3% cash discount if the amount is paid within 15 days, with the balance due in 60 days.
10) When a department needs products to sell, it prepares a:
Balance Sheet.
Purchase Order.
Withdrawal Form.
Purchase Requisition.
Sales Invoice

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One Response to “6) Merchandise Inventory: Can Include The Cost Of Shipping The Goods To The Store And Making Them Ready For Sa?”

  1. epicicit says:

    6) Merchandise inventory:
    Can include the cost of shipping the goods to the store and making them ready for sale.
    7) A trade discount is:
    A reduction in price below the list price.
    8)Credit terms include the:
    All of the above
    9) The credit terms 3/15, n/60 are interpreted as:
    3% cash discount if the amount is paid within 15 days, with the balance due in 60 days.
    10) When a department needs products to sell, it prepares a:
    Purchase Requisition.

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