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Author Question: If the physical count of inventory is more than the amount on the accounting records, what account ... (Read 171 times)

beccaep

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on: Jul 6, 2018
If the physical count of inventory is more than the amount on the accounting records, what account is debited?
 a. Merchandise Inventory
   b. Cost of Goods Sold
   c. Sales
   d. Misc. Expense

Question 2

Assume that General Fund employees accrued 125,000 of compensated absences liability during the year.
 
  Compensated absences liability, which is considered to be a long-term liability, decreased 30,000 from the beginning of the year to the end of the year. The fund also actually paid 550,000 in salaries and wages during the year. At the end of the fiscal year, salaries and wages payable was 12,000 . The General Fund would report salaries and wages expenditures for the year of
  A. 532,000.
  B. 550,000.
  C. 562,000.
  D. 592,000.


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jordangronback

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Reply #1 on: Jul 6, 2018
Answer to Question 1

a

Answer to Question 2

A


beccaep

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Reply #2 on: Jul 6, 2018
Correct answers!


jordangronback

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Reply #3 on: Jul 6, 2018
Great! Please up vote :D


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