A goods received note order is a source document which is written acknowledgement that the seller has received payment (goods or money) from the buyer.Select one:TrueFalse

The document which is prepared after receiving and inspecting material .a.bill of material.b.inventory record.c.goods received note.d.material record note

A receiving report is a document that describes when goods have been received. It contains information about the quantity received as well as its condition and whether it agrees with the purchase order.True false question.TrueFalse

The (maker/payee) of the note is the one that signed the note and promised to pay at maturity. The (maker/payee) of the note is the person to whom the note is payable.

Select the alternative that best describes a REQUISITION DOCUMENT used in the acquisitions and payments cycle.a.This document is completed by the buying department and sets out the details and prices of the goods to be purchased. b.This document is issued by the warehouse to convey to the buying department that goods are required.c.This document is completed by the purchasing company when the goods are delivered by the supplier.d.This document is made out by the supplier and details the goods which are supplied and it has to be signed by the purchasing company to acknowledge receipt of the goods

Determine which letter is the correct answer. 1. It is a transfer of merchandise from one business or individual to another in exchange for cash or a promise to pay. a. purchases b. sale c. order d. discount 2. When cash is immediately received as full payment for merchandise sold, it is called a what? a. cash discount b. cash discounted c. cash sales d. cash debit 3. A document issued by the seller when collection is made. a. collection receipt b. sales invoice c. purchase order d. check 4. Price reductions granted to customers because of defects or other problems with the unreturned merchandise are called what? a. accounts receivable b. sales returns c. sales allowances d. sales discounts 5. Sales returns and allowances is a contra account of a. sales b. purchases c. allowances d. returns 6. The term when total amount due shall be paid within 30 days from the date of purchased. b. 3/com c. n/30 d. 3/10, 2/15, n/30 a. 3/10, n/30 7. It means 20% trade discount. 3% cash discount if the account is paid within 10 days, net amount due shall be paid within 30 days. a. 3/10, 2/15, n/30 b. n/307 c. 3/10, n/30 d. 20, 3/10, n/30 8. It means 20% and 25% trade discount, 3% cash discount if the account is paid within 10 days, net amount due shall be paid within 30 days. a. 3/10, 2/15, n/30 b. n/30 c. 3/10, n/30 d. 20 and 25, 3/10, n/30 9. A term that the buyer bears the transportation cost. a. Freight-In b. Freight-Out c. discounts d. FOB shipping point 10 A term that the seller bears the transportation cost. a. FOB destination b. Freight collect c. Freight prepaid d. Freight-out 11. A term that the shipping or forwarding company is going to collect the transportation cost to the buyer, though the seller bears the transportation cost. a. FOB shipping point freight collect b. FOB shipping point freight prepaid c. FOB destination freight collect d. FOB destination freight prepaid