You Should Store Item Assembly Journal Transactions Before Posting Because

question 33

Multiple Choice

You should store item assembly journal transactions before posting because -

• A)these transactions are always repeated
• B)you may refer to them if you have made an error
• C)there is no journal entry for the transactions
• D)b and c above

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Definitions:

Days' Sales

A measure that indicates how many days, on average, it takes a company to collect revenue after a sale has been made.

Retail Method

An estimating method used to calculate inventory cost, based on the retail price, to determine cost of goods sold and ending inventory.

Inventory Estimating

A method used to approximate the amount of inventory a business has without doing a detailed physical count, often applied in periodic inventory systems.

Merchandise Prices

The set prices at which goods are sold to consumers, influencing revenue, profit margins, and competitive positioning.