The Document That Indicates the Description and Quantity of Goods

question 100

Multiple Choice

The document that indicates the description and quantity of goods and services received, price, freight charges, discount terms, and date of the billing is the:

• A) purchase requisition.
• B) purchase order.
• C) receiving report.
• D) vendor's invoice.

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Definitions:

Year 2

The second year in a series, timeline, or sequence, often referring to financial or operational periods.

Variable Costing

An accounting method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in product costs, excluding fixed overhead.

Net Operating Income

A financial metric that calculates how much profit a business generates from its regular operational activities, excluding non-operating income and expenses.

Operating Loss

A financial situation indicating a company's expenses have surpassed its revenue from operations, resulting in a negative operating income.