Accounting II Lesson 6-1

If ending merchandise inventory is understated, net income will be...

A vendor's terms include FOB destination.  Who has ownership of goods in transit?

A form used during a periodic inventory to record information about each item of merchandise

A vendor's terms include FOB shipping point. Who has ownership of goods in transit?

The two elements included in the cost of merchandise sold are....

Good that are given to a business to sell but for which title remains with the vendor

A form used to show the type of merchandise received, quantity sold and balance on hand

A completed form authorizing a seller to deliver goods with payment to be made later

The person or business that gives goods on consignment

The person or business that receives good on consignment

If ending merchandise inventory is overstated, cost of merchandise sold will be....

A file of stock records for all merchandise on hand