The form prepared by the purchasing agent and sent to the vendor to obtain materials is known as a

Question

The document authorizing the issuance of materials from the storeroom is a

a. materials requisition

b. purchase requisition

c. receiving report

d. purchase order

Answer

This answer is hidden.

Related questions

Q: a company reports the following information from the statement of cash flows: net cash provided by operating activities $50 million net income 10 million net cash provided by investing activities 400 million net cash used by financing activities (30 million) which line item provides a signal that the company may have cash flow problems? a) net cash provided by operating activities b) net income c) net cash provided by investing activities d) net cash used by financing activities

Q: All of the following are true of requisitions except A. it is a request to buy something. B. it is frequently handled online to cut time and paper shuffling. C. its processing usually takes a few hours for both simple and complex purchases. D. it is a form of centralized control.

Q: a payment packet of documents: a) reports the arrival of items purchased b) is sent by the purchasing department to the vendor selling the item c) identifies the need for merchandise and begins the purchasing process d) includes the invoice, receiving report and purchase order

Q: if the total materials variance (actual cost of materials used compared with the standard cost of the standard amount of materials required) for a given operation is favorable, why must this variance be further evaluated as to price and usage? a.there is no need to further evaluate the total materials variance if it is favorable b.generally accepted accounting principles require that all variances be analyzed in three stages c.all variances must appear in the annual report to equity owners for proper disclosure d.it is done so that management can evaluate the efficiency of the purchasing and production functions

Q: gordon products manufactures one product in two departments on a continuous basis and uses the average cost method of process cost accounting. the following information was reported for the month of may, 20--: production costs department a department b work in process, beginning of month: cost in department a $ 1,900 materials $ 4,200 $ 1,900 labor 3,500 1,600 factory overhead 1,800 $ 9,500 750 4,250 costs incurred during month: materials $74,425 $60,225 labor 56,625 51,650 factory overhead 35,200 166,250 17,000 128,875 total $175,750 production report department a department b in process, beginning of month 1,600 200 finished and transferred during month 18,000 17,000 work in process, end of month 1,000 1,200 stage of completion 50% 60% a) prepare a cost of production summary for department a for the month. b) prepare a cost of production summary for department b for the month. c) prepare the journal entries to record production.

Q: for the following materials control forms, please indicate the following: a. who prepares the form; b. who receives the form; and c. the forms intended purpose. 1> purchase requisition 2> materials requisition 3> receiving report 4> purchase order 5> debit/credit memo

Q: the following decisions and transactions were made for the sanders company in may: may 1 the production manager informed the storeroom keeper that the forecasted usage of component x is 3,000 units. there are 1,500 units on hand, each having a unit cost of $20. the company maintains a minimum stock of 1,000 units. the storeroom keeper notifies the purchasing agent that the company will need 2,500 units of x to meet mays production needs and maintain a minimum inventory of 1,200 units. may 3 the purchasing agent checks with a number of vendors and orders 2,500 units of component x. unfortunately, the price has gone up to $25. may 7 the shipment of component x is received and inspected. the units are in good condition and the company received the number of units it ordered. may 9 the invoice covering component x is received from the vendor and approved for payment. may 21 the may 9 invoice is paid in full. may 31 during the month, 2,950 units of component x are issued to production. the company uses fifo costing and a job order cost system. may 31 an inventory of the storeroom is taken at the end of the day and there are 1,040 units of component x on hand. (a) prepare a table to answer the following questions: (1)what forms, if any, were used? (2)what entry, if any, was recorded? (b) calculate the balance in the materials account at may 31 .

Q: the general ledger entry to record the purchase of materials is: a.debit-purchases received credit-purchase orders outstanding b.debit-materials credit-purchase orders outstanding c.debit-purchases received credit-accounts payable d.debit-materials

Q: the bisset corporation uses raw material a in a manufacturing process. information as to balances on hand, purchases, and requisitions of raw material a is given in the following table. raw material a date transaction number of units unit price balance of units jan. 1 beginning balance 100 $1.40 100 jan. 24 purchased 300 $1.55 400 feb. 8 issued 80 320 mar. 16 issued 140 180 jun. 11 purchased 150 $1.62 330 aug. 18 issued 130 200 sep. 6 issued 110 90 oct. 15 purchased 150 $1.70 240 dec. 29 issued 140 100 if a perpetual inventory record of raw material a is maintained on a moving average basis, the 140 units issued on march 16 will have a unit cost of (round to 3 decimal places): a.$1.513 b.$1.475 c.$1.55 d.$1.438

Q: the form that serves as authorization to withdraw materials from the storeroom is known as the: a.materials requisition b.purchase order c.purchase requisition d.returned materials report

Q: listed below are steps of procuring materials for production: 1> the receiving clerk checks the quantity and quality of incoming materials. 2> the purchasing agent issue the purchase order to the vendor. 3> the production floor supervisor issues a materials requisition. 4> the storeroom clerk issues a purchase requisition. in which order would these events typically happen? a.3, 2, 4, 1 b.3, 4, 2, 1 c.2, 1, 3, 4 d.4, 2, 1, 3

Q: the bisset corporation uses raw material a in a manufacturing process. information as to balances on hand, purchases, and requisitions of raw material a is given in the following table. raw material a date transaction number of units unit price balance of units jan. 1 beginning balance 100 $1.40 100 jan. 24 purchased 300 $1.55 400 feb. 8 issued 80 320 mar. 16 issued 140 180 jun. 11 purchased 150 $1.62 330 aug. 18 issued 130 200 sep. 6 issued 110 90 oct. 15 purchased 150 $1.70 240 dec. 29 issued 140 100 if a perpetual inventory record of raw material a is maintained on a lifo basis, the september 6 issue will consist of: a.80 units @ $1.55, 20 units @ $1.62 and 10 units @ $1.40 b.110 units @ $1.55 c.50 units @1.55 and 60 units @ 1.62 d.20 units @ $1.62 and 90 units @ $1.55

Q: listed below are steps of purchasing and receiving materials: 1> the receiving clerk prepares a receiving report. 2> purchase requisitions are prepared to notify the purchasing agent that additional materials are needed. 3> the purchase of merchandise is recorded by the accounting department. 4> the purchasing agent completes a purchase order. in which order would these events typically happen? a.4, 2, 3, 1 b.2, 4, 3, 1 c.2, 4, 1, 3 d.4, 2, 1, 3

Q: a receiving report would include all of the following information except: a.what the shipment contained b.the purchase order number c.the customer d.the date the materials were received

Q: the form prepared by the purchasing agent and sent to the vendor to obtain materials is known as a: a.materials requisition b.purchase requisition c.purchase order d.vendor's invoice

Q: the form used to notify the purchasing agent that additional materials are needed is known as a: a.purchase order b.vendor's invoice c.receiving report d.purchase requisition

Q: the bisset corporation uses raw material a in a manufacturing process. information as to balances on hand, purchases, and requisitions of raw material a is given in the following table. raw material a date transaction number of units unit price balance of units jan. 1 beginning balance 100 $1.40 100 jan. 24 purchased 300 $1.55 400 feb. 8 issued 80 320 mar. 16 issued 140 180 jun. 11 purchased 150 $1.62 330 aug. 18 issued 130 200 sep. 6 issued 110 90 oct. 15 purchased 150 $1.70 240 dec. 29 issued 140 100 if a perpetual inventory record of raw material a is maintained on a fifo basis, 200 units on hand on august 18 will consist of: a.100 units @ $1.40, 80 units @ $1.55 and 20 units @ $1.62 b.100 units @ $1.55 and 100 units @ $1.62 c.150 units @ $1.62 and 50 units @ $1.55 d.200 units @ $1.55

Q: janet is the purchasing agent at frameco manufacturing. her duties include vendor selection and ordering materials. due to a recent economic downturn and resulting cut backs, janet has been assigned the additional duty or preparing receiving reports after comparing the goods received to the purchase order. this is an example of: a.unlimited access to materials b.independence of assigned functions c.misappropriation of assets d.a lack of segregation of duties

Q: expected annual usage of a particular raw material is 1,200,000 units, and standard order size is 10,000 units. the invoice cost of each unit is $145, and the cost to place one purchase order is $105. the estimated annual order cost is: a.$12,000 b.$17,400 c.$12,600 d.$800,000

Q: the following inventory data relate to the anaheim ltd.: inventories beginning ending finished goods $160,000 $200,000 work in process 130,000 140,000 direct materials 120,000 128,000 revenues and costs for the period: sales $1,480,000 cost of goods available for sale 1,300,000 total manufacturing costs 1,150,000 factory overhead 308,000 direct materials used 328,000 selling and administrative expenses 102,000 prepare journal entries for the following, making any necessary computations: a. purchase of materials on account b. issuance of materials into production c. transfer the cost of completed work to finished goods d. record the sale of the goods on account and the related cost of goods sold.

Q: under a job order system of cost accounting, cost of goods sold is debited and finished goods is credited for a: a.transfer of materials to the factory b.shipment of completed goods to the customer c.transfer of completed production to the finished goods storeroom d.purchase of goods on account

Q: in job order costing, the basic document for accumulating the cost of each job is the: a.job cost sheet b.requisition sheet c.purchase order d.invoice

Q: (p. 730) A ______ is a written document, created by a principal, expressing his or her wishes for an agent's authority not to be affected by the principal's subsequent incapacity. A. General purpose order of authority B. Living legal empowerment C. Notarized order D. Durable power of attorney E. Lasting power of authority

Q: The corporate charter of Pinkston Corporation authorizes the issuance of 25,000 shares of 5% cumulative, preferred stock, $20 par, and 200,000 shares of $10 par common stock. At the end of the current year, the titles and balances of stockholders' equity accounts are as follows: Pinkston declared dividends of $120,000 for the current year. Required: a) What is the amount of the annual dividend per share for preferred stock? b) If there are two years of preferred dividends in arrears at the beginning of the current year, what total amount of dividends will be paid to the preferred shareholder? c) What total amount will be paid to the common shareholder if there are two years of preferred dividends in arrears at the beginning of the year? d) Prepare the entry to record the declaration of the dividend.

Q: Describe the flow of materials in a process cost accounting system.

Q: Journalize the entries for the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account $176,000 b. Materials requisitioned: For production orders 153,700 For general factory use 2,700 c. Factory labor used: On production orders 141,300 For general factory purposes 12,000 d. Depreciation on factory equipment 37,000 e. Expiration of prepaid expenses, chargeable to factory 6,100 f. Factory overhead costs incurred on account 76,000 g. Factory overhead applied, based on machine hours 105,300 h. Jobs finished 415,300 i. Jobs shipped to customers: Selling price (assume all sold on account) 638,000 Cost of goods sold 412,000

Q: Put the following in the order of the flow of manufacturing costs for a company: a. Closing under/overapplied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profit

Q: Materials purchased on account during the month amounted to $190,000. Materials requisitioned and placed in production totaled $156,000. The journal entry for the transaction for materials requisitioned by the production department isa. Materials 156,000Work in Process 156,000b. Work in Process 190,000Materials 190,000c. Work in Process 156,000Materials 156,000d. Work in Process 156,000Cash 156,000

Q: The source document for debiting Work in Process for direct materials is a a. purchase order b. purchase requisition c. materials requisition d. receiving report

Q: Each document in the cost ledger is called a a. finished goods sheet b. stock record c. materials requisition d. job cost sheet