The Receiving Report Is Used to

question 74

Multiple Choice

The receiving report is used to

• A)accompany physical inventories to the storeroom or warehouse
• B)advise the purchasing department of the dollar value of the goods delivered
• C)advise general ledger of the accounting entry to be made
• D)advise the vendor that the goods arrived safely

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Definitions:

Asset Accounts

Accounts that record the value of everything a company owns and uses to generate revenue.

Liability Accounts

Accounts on a company's balance sheet that represent what it owes to others, such as loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

Trial Balance

A financial report that lists all the active accounts and their balances at a certain point in time, used to verify the equality of debits and credits in the accounting system.

Reports Center

A centralized hub or platform where various types of reports, such as financial and analytical, are generated and accessed.