the following questions. ____ 1. When a customer returns goods for credit, the seller should a. credit Accounts Payable. b. credit Accounts Payable. c. debit Accounts Receivable. d. credit Merchandise Inventory ____ 2. Credit terms of 3/10, n/30 mean that a(n) a. 10% cash discount may be taken if payment is made immediately; a 3% discount if paid within 30 days. b. 3% cash discount may be taken if payment is made within 10
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Mohammed Islam 212540191 Sobia Ali, 210515062 Summaiya Haque, 211992948 Date of submission: 9th November 2014 To: Mr. John Adam, President From: Controller Subject: Cost System and Capital Budgeting Improvement Please find attached report for Markworth Products for recommendation regarding appropriate costing system as it grows as an organization and capital budget evaluation. Kind Regards, Controller Introduction and Relevant Facts Markworth Products (MP) is a new Canadian public
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Review on Point Of Sales Introduction The point of sale system is also known by POS or point of service. The point of sale is a (point in which the products are provided to a customer. And customer make payment of these products) process when products are provided to a customer, and payment of these products is received. Although the point of sale system is vary in different situation, but the final outcome of the system remain the same. (Malcolm Tatum, 2010) Point of sale (POS) is a type of
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Payment of taxes Inventory Flowchart Inventory Master File Inventory Master File Purchase Transaction File Purchase Transaction File Enter receipts date and add to inventory balance Enter receipts date and add to inventory balance Receiving Report Receiving Report Order Received form Order Received form PO File PO File Enter quantity ordered into inventory records Enter quantity ordered into inventory records Enter PO Enter PO Purchase Order Purchase Order POS Sales Information POS Sales Information
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Possible Questions 1. Inventory use that is determined directly by customer orders is called: a. derived demand. b. dependent demand c. anticipated demand. d. independent demand. a. scheduled demand. 2. “A” items in ABC analysis are: a. reviewed infrequently. b. particularly critical in financial terms. c. normally carried in large quantities. d. ordered infrequently. a. commonly managed by carrying inventory. 3. When the carrying cost of inventory is expressed as a percentage:
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stores, drug stores, and convenience stores, as well as various retail websites, such as walmart.com and samsclub.com.“ (Retrieved by: http://finance.yahoo.com/q/pr?s=WMT) Wal-Mart has an inventory ratio that is based on a traditional inventory system, but desire a change to a Just-In-Time inventory system. Analyzing Wal-Mart’s financial ratios provide an outlook on the financial health of the company. Furthermore, the financial ratios are compared to other industry ratios including profitability
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ACC101 Financial Accounting 1 Name Quiz 5 Inventories MULTIPLE CHOICE _____ 1. The inventory costing method that reports the most current prices in ending inventory is a. | FIFO | b. | Specific identification | c. | LIFO | d. | Average cost | Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 | Inventory | 20 units at $20 | 4 | Sold | 10 units | 10 | Purchased
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INVENTORY MANAGEMENT SYSTEMS Joshua Crisp Prof. Raman Marwah CIS210 10 October, 2012 Manually tracking items in a store can be a waste of time and money. Most small businesses today use some type of automated inventory system that automatically updates inventory after point of sale (POS). This is especially important on high demand items that need to be reordered in a timely matter. First we need to look at the equipment, cost, and maintenance involved in adding an automated business system
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Equipment: Inventory management technology is a mix of hardware and software designed to add reliability to inventory accounting, reduce incidents of theft and facilitate inventory audits. Individual inventory items or batches of items could be equipped with RFID tags that identify the item type, cost, price, shipment number, date of shipment and virtually any other useful information. Software inventory management solutions replace pen-and-paper systems, reducing the time required to account
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MSIS 5123 ENTERPRISE RESOURCE PLANNING CASE STUDY 1: THE FITTER SNACKER SALES ORDER PROCESS SUBMITTED BY: Vatsal Pandey CWID # 11516742 EMAIL: vatsal.pandey@okstate.edu PART 1 1. Describe the current order-fulfillment (order-to-cash) process at FS (Fitter-Snacker) at a high level using a flowchart or any other visual approach. 2. Comment upon the current organizational structure of FS as well as its current processes and their effectiveness. Fitter Snacker represents
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