What is the normal sequence of recording a transaction where inventory was acquired?
a. purchase order, purchases journal, general journal, general ledger
b. purchases journal, purchase order, general journal, general ledger
c. purchase order, general journal, purchases journal, general ledger
d. purchases journal, purchase order, general ledger
e. purchase order, purchases journal, general ledger
Which items in the following list are required for the preparation of a proper bank reconciliation?
I. Bank statement
II. Cash receipts journal
III. Sales journal
IV. General ledger
V. Prior month's bank reconciliation
VI. Cash disbursements journal
VII. Accounts payable trial balance
a. I, II, III, V, VI
b. I, II, III, IV, V, VI
c. I, II, IV, V, VI, VII
d. I, II, V. VI
e. I, II, IV, V, VI
Which of the following sequence of steps in the accounting process is correct?
a. Prepare records, record in journals, post to ledgers, and prepare unadjusted trial balance
b. Prepare records, post to ledgers, record in journals, and prepare unadjusted trial balance
c. Prepare records, prepare unadjusted trial balance, record in journals, and post to ledgers
d. Prepare records, record in journals, prepare unadjusted trial balance, and post to ledgers
e. Record in journals, post to ledgers, prepare records, and prepare unadjusted trial balance
In point-of-sale systems, the customer literally has possession of the items purchased, thus the inventory is in hand. Typically, for manufacturing firms, the order is placed and the good is shipped to the customer at some later time period. Thus, updating inventory at the time of sale is necessary in point-of-sale systems since the inventory is changing hands, while it is not necessary in manufacturing firms until the goods are actually shipped to the customer.
Also, POS systems are used extensively in grocery stores, department stores, and other types of retail organizations. Generally, only cash, checks, and bank credit card sales are valid. Unlike manufacturing firms, the organization maintains no customer accounts receivable. Unlike some manufacturing firms, inventory is kept on the store's shelves, not in a separate warehouse. The customers personally pick the items they wish to buy and carry them to the checkout location, where the transaction begins. Shipping, packing, bills of lading, etc. are not relevant to POS systems.