WorksheetsACTG M12
Total questions: 29
Worksheet time: 20mins
entity that earns profit by buying and selling of goods.
(a)
is the one who buys in bulk from manufacturer or another wholesaler and sells them in bulk ro other wholesaler or retailer.
(a)
buys merchandise from the manufacturer or wholesaler and sells them by piece to ultimate consumers.
(a)
BUYS PRODUCTS BUT MAY NOT BE THE END USER.
(a)
ANYONE WHO USES OR CONSUMES THE PRODUCTS.
(a)
Whenever we buy we can used the Account Title
(a)
Whenever we sell we can used the Account Title
(a)
DEDUCTIONS FROM THE INVOICE PRICE WHEN PAYMENT IS MADE WITHIN THE DISCOUNT PERIOD.
(a)
THE PURPOSE OF CASH DISCOUNT IS TO ENCOURAGE ______ _______
(a)
POINT OF VIEW OF THE BUYER
Purchase Discount
Sales Discount
POINT OF VIEW OF THE SELLER
Purchase Discount
Sales Discount
PERIOD OF TIME ALLOWED FOR PAYMENT.
Credit Period
Discount Period
PERIOD OF TIME COVERED BY THE DISCOUNT
Credit Period
Discount Period
DEDUCTIONS FROM THE LIST PRICE OR CATALOG PRICE IN ORDER TO ARRIVE AT THE INVOICE PRICE WHICH IS THE AMOUNT ACTUALLY CHARGE TO THE BUYER.
(a)
FOB
FREE OF BOARD
FREE ON BOARD
FREE ON BILL
FREE OF BILL
ownership of goods purchased is transferred upon shipment of the goods, and therefore, the goods in transit are the property of the buyer.
FOB Shipping Point
FOB Destination
Freight Prepaid
Freight Collect
ownership of goods purchased is transferred only upon receipt of the goods by the buyer at the point of destination and therefore the goods in transit are property of the seller.
FOB Shipping Point
FOB Destination
Freight Prepaid
Freight Collect
this means that the freight charge on the goods shipped is already paid by the seller.
FOB Shipping Point
FOB Destination
Freight Prepaid
Freight Collect
this means that the freight charge on the goods shipped is not yet paid.
FOB Shipping Point
FOB Destination
Freight Prepaid
Freight Collect
Freight Terms: FOB Destination, Freight Prepaid
Seller, Seller
Buyer, Buyer
Seller, Buyer
Buyer, Seller
Freight Terms: FOB Shipping Point, Freight Collect
Seller, Seller
Buyer, Buyer
Seller, Buyer
Buyer, Seller
Freight Terms: FOB Destination, Freight Collect
Seller, Seller
Buyer, Buyer
Seller, Buyer
Buyer, Seller
Freight Terms: FOB Shipping Point, Freight Prepaid
Seller, Seller
Buyer, Buyer
Seller, Buyer
Buyer, Seller
refers to the transportation cost associated with the delivery of goods from a supplier to the receiving entity.
(a)
refers to the transportation cost associated with the delivery of goods from a supplier to its customers.
(a)
the sales discounts accounts has accumulated all the sales discount for the period. The account is considered a
(a)
decrease the amount and physical volume of the goods sold.
Returns
Allowances
Credit Memorandum
decrease the amount but not the physical volume of the goods sold.
Returns
Allowances
Credit Memorandum
formal acknowledgment that the seller has reduced the amount owed by the customer.
Returns
Allowances
Credit Memorandum
