In a Merchandising Firm,authorization for the Payment of Inventory Is

question 43

Multiple Choice

In a merchandising firm,authorization for the payment of inventory is the responsibility of

• A)inventory control
• B)purchasing
• C)accounts payable
• D)cash disbursements

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Definitions:

Allowance for Doubtful Accounts

A contra-asset account that estimates the portion of accounts receivable which may not be collectible.

Adjusted

Changed or modified to reflect a more accurate valuation or account of a particular item or financial record.

Accounting Period

The span of time at the end of which a company or organization reports its financial performance and position; typically monthly, quarterly, or annually.

Net Realizable Value

The estimated selling price of goods, minus the costs of their completion and the costs necessary to make the sale.