Which system produces information used for inventory valuation, budgeting, cost control, performance reporting, and make-buy decisions?
a. sales order processing
b. purchases/accounts payable
c. cash disbursements
d. cost accounting
D
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On September 12, Ryan Company sold merchandise in the amount of $9800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $6000. Ryan uses the periodic inventory system and the net method of accounting for sales. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 9800? | |
| Accounts receivable | 9800? |
B.
| Cash | 9506? | |
| Accounts receivable | 9506? |
C.
| Cash | 5820? | |
| Sales discounts | 180? | |
| Accounts receivable | 6000? |
D.
| Cash | 9506? | |
| Sales discounts | 294? | |
| Accounts receivable | 9800? |
E.
| Cash | 6000? | |
| Accounts receivable | 6000? |
Which of the following statements about the FASB Accounting Standards Codification is true?
A) It only exists as an electronic database; paper copies are not available. B) When the Codification was adopted in 2009, it caused major changes in the contents of U.S. GAAP. C) It is reviewed and periodically updated by the SEC. D) It is only one of a large number of authoritative pronouncements that have been issued over time, all of which comprise U.S GAAP.
The product descriptor that follows the brand name is often a concise means of conveying category origin
Indicate whether the statement is true or false
Which of the following remains the same regardless of the inventory costing method used by a company? Assume the cost of inventory is rising.
A) purchases B) cost of goods sold C) ending merchandise inventory D) net income