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Match the Following Terms with the Descriptions Below

Question 61

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Match the following terms with the descriptions below

Premises:
Account used by the periodic system to record the cost of goods purchased that did not meet required specifications.
When the cost of inventory is recorded assuming the discount available will be taken.
Account used by both the period and perpetual inventory system to show the cost the goods held for resale.
A journal used to record transactions that occur frequently and in the same manner.
Account used to keep track of inventory used in a manufacturing process.
This inventory system determines the amount of inventory by physical count and calculates the cost of goods sold only at the end of specified time periods.
This account keeps track of the discounts taken under the periodic inventory system.
This inventory system keeps track of the amount of inventory and cost of good sold continuously.
This ledger describes the details of a specific general ledger account.
The account used by the periodic inventory system to account for the purchase of products for resale.
Responses:
Periodic inventory system
Special Journal
Purchases
Net price method
Purchased discount
Purchase returns and allowance
Perpetual inventory system
Subsidiary ledger
Raw materials inventory
Inventory

Correct Answer:

Account used by the periodic system to record the cost of goods purchased that did not meet required specifications.
When the cost of inventory is recorded assuming the discount available will be taken.
Account used by both the period and perpetual inventory system to show the cost the goods held for resale.
A journal used to record transactions that occur frequently and in the same manner.
Account used to keep track of inventory used in a manufacturing process.
This inventory system determines the amount of inventory by physical count and calculates the cost of goods sold only at the end of specified time periods.
This account keeps track of the discounts taken under the periodic inventory system.
This inventory system keeps track of the amount of inventory and cost of good sold continuously.
This ledger describes the details of a specific general ledger account.
The account used by the periodic inventory system to account for the purchase of products for resale.
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