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Scrat [10]
3 years ago
14

Which document establishes an initial record of the receipt of the inventory? petty cash voucher purchase order vendor's invoice

receiving report?
Business
1 answer:
Sladkaya [172]3 years ago
8 0

Answer:

The answer is receiving report.

Explanation:

Receiving report shows that the product ordered has been received by the purchaser from the vendor. Vendor’s invoice usually come after the receiving report and generally would be sent following that document, either separately or together. Purchase order would come before receiving report as an initial agreement to purchase a number of products from a vendor. Petty case vouchers are not related to external transactions with a vendor, but are instead used for internal-related business transactions.

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Financial accounting should provide information that:_______.
Helga [31]

Answer:

The answer is d. tells about economic resources, claims to resources, and changes in resources and claims is useful to investors and creditors in making decisions.

Explanation:

Financial reporting at its core, is a "language". It ensures that the investors and all stakeholders are provided with relevant and accurate information regarding a business or an institution. So that they can take effective and efficient economic decisions that will eventually benefit the entire economy.

5 0
2 years ago
Warren Porter compares the costs and benefits of current industry testing practices. Which of the following statements does he i
Triss [41]
B increase development cost for new chemical products
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3 years ago
Economic efficiency is
Gnoma [55]

Answer: Option (A) is correct.

Explanation:

In a competitive market, when the demand curve i.e. the marginal benefit curve is exactly equal to the supply curve i.e. marginal cost curve and at this point the sum of consumer and producer surplus is maximized then an equilibrium is set in an economy and economic efficiency is obtained.

Inefficiency occurs at a point where there is a disequilibrium in an economy which means that competitive equilibrium is not achieved by the economy.

6 0
2 years ago
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance
Virty [35]

Answer:

A)

Bank reconciliation:

Bank balance Augusts 31                    $18,340

+ Deposits in transit                              $2,830

<u>- Outstanding checks                           $3,520</u>

Reconciled bank account                   $17,650

Cash balance reconciliation:

Cash balance August 31                     $17,350

+ Error in recording check                      $360

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5 0
3 years ago
A company commences business on 1 April. It buys the following units of inventory.
Nostrana [21]

Answer:

D £165,000​

Explanation:

The computation of gross profit for the year using the first in first out (FIFO) method of inventory  valuation is shown below:-

As we know that

Gross profit = Sales - the cost of goods sold

where

Sales is

= 500 units × £550

= £275,000

And, the cost of goods sold is

= 200 units × £250 + 300 units × £200

= £50,000 + £60,000

= £110,000

We considered only 500 units as these sold units are sold

And, this is a first in first out method so we pick the first date units only

So, the gross profit is

= £275,000 - £110,000

= £165,000

7 0
3 years ago
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