Match Each Description to the Appropriate Document Used for Inventory

question 10

Multiple Choice

Match each description to the appropriate document used for inventory control (a-c) .
-Last document in the chain, use to compare all three for accuracy

• A)Receiving report
• B)Vendor's invoice
• C)Purchase order

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Definitions:

Current Assets

Assets that a company expects to convert into cash or use up within one year or during its normal operating cycle, whichever is longer.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a specific period.

Revenues

Increases in assets from performing services or delivering products to customers.

Expenses

Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.