How do you report this in an inventory card:
CASH SALE
Inventory SAC
Quiz
•
Business
•
10th - 11th Grade
•
Medium
Madeleine Ossovani
Used 3+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do you report this in an inventory card:
CASH SALE
OUT entry with Receipt
IN entry with Receipt
OUT entry with Invoice
IN entry with Invoice
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do you report this in an inventory card:
CREDIT PURCHASE OF NEW INVENTORY
OUT entry with Receipt
IN entry with Receipt
OUT entry with Invoice
IN entry with Invoice
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do you report this in an inventory card:
SALES RETURN (customer has returned something)
OUT entry with Memo
IN entry with Memo
OUT entry with Credit Note
IN entry with Credit Note
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do you report this in an inventory card:
OWNER WITHDREW INVENTORY TO TAKE HOME
OUT entry with Memo
IN entry with Memo
OUT entry with Credit Note
IN entry with Credit Note
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Businesses determine inventory loss or gain using a
Item count
Physical stocktake
Stock check
Physical check
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these is a valid reason for using FIFO accounting?
It's more accurate
It always makes profit seem higher
It's more efficient
It ensures that older goods are sold first
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Adding up all the OUT entries (excluding memos and credit notes) gives you:
Cost of Goods Sold
Gross Profit
Sales Revenue
Cost of Sales
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