Financial Accounting and Reporting

通報

問題一覧

Sell time to earn revenue

service organization

Examples of service organizations

accounting firms law firms and plumbing services

Reporting income for a service concern business

REVENUES minus EXPENSES is equal to NET INCOME REVENUES less EXPENSES equals NET INCOME

Natures of business

service concern merchandising or trading manufacturing

Sells products to earn revenue

merchandising company

Examples of merchandising companies

sporting goods clothing and auto parts stores

Reporting income for a merchandiser

NET SALES minus COST OF GOODS SOLD equals GROSS PROFIT minus EXPENSES equals NET INCOME Net sales less: Cost of Goods Sold Gross Profit less: Expenses Net Income

Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise

operating cycle for a merchandiser

Use various business forms and documents to help identify the transactions that should be recorded in the books

merchandising business

This contain vital information about the nature and amount of transactions

source documents

Is prepared by the seller of goods and is sent to the buyer

sales invoice

This document contains the name and address of the buyer, the date of sale, and information (quantity, description, price) about the goods sold

sales invoice

It also specifies the amount of sales and the transportation and payment terms

sales invoice

Is a document issued by the carrier—a trucking, shipping or airline—that specifies contractual conditions and terms of a delivery such as freight terms, time, place, and the person named to receive the goods

bill of lading

Is a formal notice to the debtor detailing the accounts already due

statement of account

Evidences the receipt of cash by the seller or the authorized representative

official receipt

It notes the invoices paid and other details of payment

official receipt

Are printed forms with depositors name, account number and space for details of the deposit

deposits slips

A validated ______ indicates that cash and checks with the supplied details were actually the deposited or credited to the account holder

deposit slips

Is a written order to a bank by the depositor to pay the amount specified in the check from his checking account to the person named in the check

check

The entity issuing the CHECK is the ____ while the receiver is the _____

payer payee

is a written request to the purchaser of an entity from an employee or user department of the same entity that goods be purchased

purchase requisition

Is an authorization made by the buyer to the seller to deliver the merchandise as detailed in the form

purchase order

Is a document containing information about goods received from a vendor

receiving report

It formally records the quantities and description of the goods delivered

receiving report

Is a form used by the seller to notify the buyer that his account is being decreased due to errors or other factors requiring adjustments

credit memorandum

When certain items are needed, the user department fills in a _____ form and sends it to the purchasing department

purchasing requisition

The purchasing department then prepares a _____ after checking with the price lists, quotations, or catalogs of approved vendors

purchase order

Addressed to the selected vendor, it indicates the quantity description and price of the merchandise ordered, it also indicates expected payment terms, and transportation arrangements

purchase order

After receiving the purchase order the seller forwards an ______ to the purchaser upon shipment of the merchandise, called a _____ by the seller and ______ by the buyer.

invoice sales invoice purchase invoice

Upon receiving the shipment of merchandise, the purchasers receiving the department sees to it that the terms in the purchase order are complied with, and prepares a ______

receiving report

Before approving the invoice for payment, the accounts payable department compares copies of the ______, ______, _____, and ______ to ensure that quantities, descriptions, and prices agree

purchase requisition purchase order receiving report invoice

The credit period is usually described the _____ or _____

net credit period net terms

If the _____ is 30 days, then payment is expected within 30 days from the invoice date

credit period

The credit period of 30 days is noted as _______

N/30

The invoice that is due 10 days after the end of the month, is marked _____

N/10 EOM

Encourage the buyers to purchase products because of markdowns from the list price

trade discounts

This type of discount enables the suppliers to vary prices periodically without the inconvenience of revising price lists and catalogs

trade discounts

There is no ______ for trade discounts

no special accounting entry

Some businesses give discounts for prompt payment called _____

cash discounts

If a trade discount is also offered, _____ is computed on net amount after the trade discount

cash discount

This practice improves the seller's cash position by reducing the amount of money in accounts receivable

cash discounts

Is designated by such notation as "2/10"

cash discount

Means the buyer may avail 2% discount if the invoice is paid within 10 days from the invoice date

2/10

The period covered by the discount is called

discount period

Cash discounts are called _____'from the BUYERS perspective and _____ from the SELLER'S point of view

purchase discounts sales discounts

the _____ designates which party shoulders the cost and whether the shipment is ______

freight bill freight prepaid or freight collect

_____ usually show whether the shipping terms are ______

Freight bills fob shipping point or fob destination

Fob is an abbreviation for

free on board

The buyer shoulders the shipping costs

fob shipping point

Ownership over the goods passes from seller to the buyer when the inventory leaves the seller's place of business—the SHIPPING POINT

fob shipping point

The buyer already owns the goods while still entrance it and therefore shoulders the transportation cost

fob shipping point

The seller bears the shipping cost

fob destination

Title passes only when the goods are received by the buyer at the point of destination

fob destination

While in transit, the seller is still the owner of the good so the seller shoulders the transportation cost

fob destination

The seller pays the transportation costs before shipping the goods sold

freight prepaid

The freight company collects from the buyer

freight collect

Payment by either party will not dictate who should ultimately shoulder the cost

in freight prepaid or freight collect

The shipping costs borne by the buyer using the periodic inventory system are debited to ______

transportation-in account or freight in

Shipping costs borne by the seller are debited to

transportation-out or freight out account

This account is also called delivery expense

transportation out or freight out

Who shoulders the transportation costs and who pays the shipper in FOS DESTINATION?

seller seller

Who shoulders the transportation costs and who pays the shipper in FOB SHIPPING POINT?

buyer buyer

Who shoulders the transportation costs and who pays the shipper in FOB DESTINATION, FREIGHT PREPAID?

seller seller

Who shoulders the transportation costs and who pays the shipper in FOB DESTINATION, FREIGHT COLLECT?

seller buyer

Who shoulders the transportation costs and who pays the shipper in FOB SHIPPING POINT, FREIGHT PREPAID?

buyer seller

Who shoulders the transportation costs and who pays the shipper in FOB SHIPPING POINT, FREIGHT COLLECT?

buyer buyer

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