Which of the Following Statements Describes a Receiving Report

question 117

Multiple Choice

Which of the following statements describes a receiving report?

• A) It is an order to purchase goods from a supplier.
• B) It is a statement from the supplier showing the goods purchased and the amount due.
• C) It is a report showing that the goods have been received in good condition, as ordered.
• D) It is a document authorizing a payment to a supplier.

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Definitions:

LLP

Limited Liability Partnership, a partnership where some or all partners have limited liabilities, protecting individual partners from the debts of the partnership.

Net Income

The amount of profit that remains after subtracting all the costs, taxes, and expenses from total revenue.

Capital Account Balance

The amount recorded in a company's capital account, representing the net worth or equity of the owners in the business.

Partnership Capital

The total amount invested by all partners in a partnership, representing their ownership interest.