Freight Charges Associated with the Purchase of Inventory Normally Are

question 51

True/False

Freight charges associated with the purchase of inventory normally are not included in inventory cost.

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Definitions:

Cash Payments Journal

An accounting journal used to record all cash payments, including expenses and creditor payments.

Check Register

A record kept to track written checks, deposits, and withdrawals in a checking account, aiding in account reconciliation and financial management.

Stock Purchases Register

A ledger or record keeping log for tracking all purchases of stock inventory over a period.

Voucher System

An accounting system used to authorize and record transactions such as purchases or sales.