A Firm Uses the Periodic Inventory Method

question 76

Multiple Choice

A firm uses the periodic inventory method.Which of the following entries would be made to record a $1 100 purchase of inventory on credit,including GST?

• A)The accounting entry would be a $1 000 debit to Inventory,a $100 debit to GST clearing and a $1 100 credit to Accounts payable.
• B)The accounting entry would be a $1 100 debit to Accounts payable and a $1 100 credit to Purchases.
• C)The accounting entry would be a $1 000 debit to Purchases,a $100 debit to GST clearing and a $1 100 credit to Accounts payable.
• D)The accounting entry would be a $1 100 debit to Accounts payable,a $1 000 credit to Inventory and a $100 credit to GST clearing.

Understand the purpose and components of the appendix, index, and bibliography in formal reports and proposals.

Grasp the importance and methods of effectively packaging and presenting proposals.

Comprehend the advantages of delivering reports or proposals in person.

Identify and implement strategies to enhance the readability and visual appeal of reports.

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Definitions:

Unconscious Bias

Refers to the attitudes or stereotypes that affect our understanding, actions, and decisions in an unconscious manner.

Discriminate

To make distinctions between things or people, which can be benign (as in discerning tastes) or illegal/morally problematic when based on prejudice against certain groups.

Employee Network Group

A structured group within an organization aimed at fostering connections and support among employees, often centered around shared interests or identities.

Blind

Lacking the ability to see or having a severe impairment in visual perception.