The Asset of Inventory - Chapter 7

Name all the accounts that affect the movement of Inventory.

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Give two synonyms for goods

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Is inventory an asset, liabiity or capital?

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Which is the increase side of an inventory account?

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Our business sells fans. We bought $500 worth of fans from P. Carley paying by cash. Show which account is debited and which is credited.

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You are in the business of selling furniture. You bought furniture for use by the business paying by cash. Which account is debited and which is credited?

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When goods are returned by a customer, which returns account is affected?

• Returns inwards

• Returns Outwards

• Purchases

• Sales

We bought $400 worth of goods and returned $100 to our supplier. Which returns account is affected?

• Returns Inwards

• Purchases

• Sales

• Returns Outwards

In business what is the meaning of purchases?

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For the practice activities given last week Tuesday, I did

• 7.1 only

• 7.1 and 7.2 only

• 7.1, 7.2, and 7.3X

• 7.1, 7.2, 7.3X and 7.4X