Cost of Goods Sold is classified as which type of account? a. Asset b. Liability c. Revenue d. Expense

Q: In which financial statement is the inventory account balance presented?

A: In general there are Four Major components of financial statements a) Balance Sheet  b) Profit and…

Q: Describe each transaction. b. What was the invoice amount of the merchandise that was returned?

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: The expense recognition principle (“matching”) controlsa. Where on the income statement expenses…

A:

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: Where should goods in transit that where recently purchased f.o.b. destination be included on the…

A: FOB destination: When the seller bears the freight charges for the delivery of merchandise from the…

Q: Which of the following is not an example of an operating expense? Select one: a. Salaries Expense…

A: Option d is the correct answer.

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: physical count of goods on hand is____

A: Inventory are sub divided into three part  A) Raw materials B) work in progress C) Finished goods.

Q: How to calculate total selling expense

A: Selling expenses are the expenses incurred to sell a product to the customer.

Q: is the amount of goods remaining unsold in a particular period a. Cash O b. Accounts receivable O C.…

A: Goods are the items that the entity purchase from the supplier to sell to the customer and earn…

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

Q: Calculation of Net income and Cost of Goods Sold

A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

Q: Which of the following is reported as part of the operating expenses? Cost of sales…

A: The question is based on the concept of Business Accounting.

Q: What is the relationship between Income Measurement and Asset Valua

A: Profit or loss calculation is a simplified method of calculating income. An accountant defines…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: admiHII examples of what type of expense? a. selling expense b. miscellaneous expense c.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: The expense recognition principle requires: Multiple Choice that expenses should be split between…

A: The expenses recognition principle states that expenses should be recognized in the same accounting…

Q: Why should inventories be included in (a) a statement offinancial position and (b) the computation…

A:

Q: Which are the three types of inventory cost reflected in the balance sheet?

A: Value of Inventory that shows under the asset side of the balance sheet comprises of several…

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: difference between the cash basis and accrual basis of accounting

A: In cash basis of accounting, receipts and payments are treated as income and expenses respectively.…

Q: What does the term merchandise inventory mean?   merchandise on hand, a fixed asset, merchandise…

A: Merchandise inventory means goods or inventory lying with the business either for the purpose of…

Q: 1. All expenses of an entity are classified as either distribution costs (selling expenses) or…

A: * As per the bartleby guidelines, in acse of interlinked question answer first 3 only   1) Fasle .…

Q: Expired cost shown in: O a. Balance Sheet as a liability O b. Balance Sheet as an asset O c. Profit…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: The income statement line gross profit will appear on which income statement format? Select one: a.…

A: 1. Receipt and Payment A/c: Receipt and payment A/c is prepared by non profit organization, Which…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Amounts owed for products or services purchased on account are called

A:

Q: Merchandise inventory is * reported under the classification of O Property, Plant, and Equipment on…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Which should be classified as a financial asset? a. Patent b. Trade Accounts Receivable c.…

A: Financial assets are also known as non-physical assets. It is because it is generated through a…

Q: Each period, the Cost of Goods Available for Sale is allocated betweena. Assets and Liabilities.b.…

A:

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

Q: When an entity prepares financial statements in a current cost basis, how is the cost of goods sold…

A: Financial statement: It is the representation of financial data of the company. It shows the…

Q: What is a consignment arrangement? Explain the accounting treatment of goods held on consignment.

A: Goods on Consignment: When the goods are transferred by one company to another company for selling…

Q: What is the difference between Accounts Payable foradvertising and Advertising Expense?

A: Operating expenses: These are the expenses that are incurred in carrying out the normal operations…

Q: Which of the following best describes the activities of the accounting function? a. inventory…

A:

Q: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30