Question: The factor that determines whether goods should be included in a physical count of inventory is a. management's judgment. b. physical possession. c. whether or

The factor that determines whether goods should be included in a physical count of inventory is

a. management's judgment.

b. physical possession.

c. whether or not the purchase price has been paid.

d. legal title.

Step by Step Solution

★★★★★

3.47 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Answer b legal title Reason Only goods over which the ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed...

Q:

A physical count of consumable supplies at year-end showed an ending balance of $66,000, an increase of $6,000 during the year. The city uses the purchases method of accounting for its inventory in...

Q:

The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for it was either shoplifted by a customer or stolen by an employee which journal would the...

Q:

The factor that determines whether a product is classified as a consumer product or an industrial product is Multiple Choice the end use of the product. who the buyer represents. the decision-making p

Q:

The factor that determines whether a product is classified as a consumer product or an industrial product isMultiple Choicethe decision-making process used to purchase the good or service.the end use

Q:

Which of the following would not be a failure of the horizontal equity concept? A) Two taxpayers with identical income pay different amounts of tax because one taxpayer's income includes tax-exempt...

Q:

Refer to Exercise A17.9. Weight is a major factor that determines whether a person will need a hip or knee replacement and at what age. To learn more about the topic, a medical researcher randomly...

Q:

The primary factor that determines whether a geographic area will support temperate deciduous forest or prairie is a. the amount of rainfall. b. the severity of the winters. c. the depth of the soil....

Q:

What is the most important factor that determines whether or not therapy is successful

Q:

Case Study The Hospital of Death The young parents-to-be had hoped for a baby since they were married several years ago. They had undergone several rounds of IVF therapy with the hopes of conceiving....

Q:

Show the effects of these transactions on the accounting equation and prepare a balance sheet. GH 1 July started business with cash 2 sales on cash 4 stock of materials paid by cash 5 paid cash into...

Q:

Suppose that a certain box A contains five balls and another box B contains 10 balls. One of these two boxes is selected at random, and one ball from the selected box is transferred to the other box....

Q:

The polynomial f(x) = a * x ^ 3 + 7x ^ 2 - 9x + b is divisible by 2x-1. The remainder when f(x) is divided by x-2 is 5 times the remainder when f(x) is divided by x + 1 i Show that a = 6 and find the...

Q:

The Brigatti Company pays $ 1,560,000 to acquire 100% of the common stock of Cornish Incorporated. It assumes that Cornishs plant assets (such as the factory building and land) are undervalued by $...

Q:

Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions). Instructions (a) Prepare a multiple-step income...

Q:

Write a user-defined MATLAB function for the following math function: y(x) = (- 0.2x3 + 7x2)e-0.3x The input to the function is x and the output is y. Write the function such that x can be a vector...

Q:

The fuel consumption of an airplane is measured in gal/mi (gallon per mile) or in L/km (liter per kilometers). Write a MATLAB user-defined function that converts fuel efficiency consumption from...

Q:

Fredrick Wilson Company determined that one of its finite- life intangible assets is impaired. The assets net carrying value on the date of the impairment is $ 905,000. Fredrick Wilson does not use a...

Q:

I need a discussion board reply to the following, with scholarly resources included. each reply must incorporate at least 1 scholarly citation plus the text and Scripture reference. Any sources cited...

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal title

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal...

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal...

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal...

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal...

Q:

The factor that determines whether goods should be included in a physical count of inventory is management's judgment. physical possession. whether or not the purchase price has been paid. legal...