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41.              Sale and purchase of goods should be recorded at

Question : 41.              Sale and purchase of goods should be recorded at : 1410834

 

 

41.              Sale and purchase of goods should be recorded at their list price, less any trade discount involved.

 

 

42.              FOB shipping point means that the seller incurs the shipping costs.

 

 

43.              If insured goods are shipped FOB destination, the seller should file a claim for goods damaged in transit.

 

 

44.              Freight-in is considered a cost of merchandise purchased.

 

 

45.              Cost of goods sold is considered an expense of a merchandising business.

 

 

46.              When the buyer bears the transportation charge, it is called freight-out.

 

 

47.              The fee paid by a retailer to a credit card company is considered a contra-revenue account by the retailer.

 

 

48.              Upon making a credit card sale, a business should record the sale as an accounts receivable until the customer pays his or her credit card bill.

 

 

49.              The use of major credit cards requires sellers to establish the customer's credit.

 

 

50.              The difference between gross sales and net sales is equal to the sum of sales discounts and sales returns and allowances.

 

 

 

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