A _____ Would Be Part of the Entry to Record

question 54

Multiple Choice

A _____ would be part of the entry to record the sale of goods.

• A)credit to Finished-Goods Inventory
• B)credit to Cost of Goods Sold
• C)debit to WIP Inventory
• D)debit to Sales

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Definitions:

Agricultural Produce

Products resulting from agricultural activities that have not been processed significantly, such as crops, livestock, and fisheries.

AASB 13

The Australian Accounting Standards Board document that defines fair value, provides a framework for measuring fair value, and requires disclosures about fair value measurement.

AASB 141

The Australian Accounting Standards Board's standard on Agriculture, outlining the accounting treatment for agricultural activity.

IAS 41

International Accounting Standard 41, which deals with agriculture, outlining how to account for and report the financial performance and position of agricultural activities.