Examlex
Which of the following journal entries would be recorded if a business makes a cash payment to a supplier of $600 "on account" (the business had purchased supplies on account in the previous month) ?
Physical Counts Of Inventory
The manual counting of all merchandise or stock in a business at a particular time to verify accuracy against recorded inventory levels.
Perpetual System
An inventory accounting system that records purchases and sales of goods instantly through computer systems, without periodically physically counting inventory.
Inventory Adjustment
Modifications made to inventory records to reflect actual inventory levels, often after a physical count.
Inventory Turnover Ratio
A measure of how frequently a company sells and replaces its stock of goods within a certain period, indicating the efficiency of inventory management.
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