Acct 101

Chapter 5 - Multiple Choice Questions 1.Goods that will be apply in production argon considered to be a.raw materials b. pop mutilate in progress c.finished goods d. stock-taking A is correct. character Classifying muniment Raw materials are the basic materials that will be used in manufacturing heretofore have not yet been placed into the production branch. 2.In a manufacturing business, gillyflower that is set up for sale is called a.raw materials b.work in process c.finished goods d.store supplies C is correct. Section Classifying Inventory Finished goods inventory comprises manufacture items that are completed and ready for sale. 3.The journal entry to memorialize a return of inventory purchased on score beneath a periodic inventory system would be a.Accounts due Purchase Returns and Allowances b.Purchase Returns and Allowances Accounts Payable c.Accounts Payable Inventory d.Inventory Accounts Payable A is correct. Section en ter inventory proceeding The Purchase Returns and Allowances musical score is reference worked to record all returns and allowances rather than directly crediting the Purchases greenback. 5.Which of the pursuance accounts has a dominion credit balance? a.Purchases b.Sales Returns and Allowances c.

Freight-in d.Discount received D is correct. Section Recording inventory transactions Discount authorized is a revenue account whose normal balance is a credit. 6.The individual normal balances of Purchases, Discount received, and Freight-in are a.credit, credit, debit b.debit, credit, credit c.deb it, credit, debit d.debit, debit, debit ! C. is correct. Section Recording inventory transactions Purchases is a unpredictable account whose normal balance is a debit; Discount Received is a revenue account whose normal balance is a credit; Freight-in is a temporary account whose normal balance is a debit. 7.Net purchases overconfident freight-in...If you privation to get a full essay, order it on our website: OrderCustomPaper.com

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