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    Ais 18

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    Venice Marie Arroyo
    Fixed assets are property, plant, and equipment used in business operations. The asset acquisition process begins with a departmental manager recognizing the need for a new or replacement asset. The completion of an economic event and point for customer billing is when goods are shipped. Reasons for sales returns include defective goods, wrong merchandise shipped, or late/delayed delivery, but not goods damaged by the buyer upon receipt. Purchase procedures are not limited only to manufacturing as others are not necessarily complex and incompatible.

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    Ais 18

    Uploaded by

    Venice Marie Arroyo
    22 views1 page
    Fixed assets are property, plant, and equipment used in business operations. The asset acquisition process begins with a departmental manager recognizing the need for a new or replacement asset. The completion of an economic event and point for customer billing is when goods are shipped. Reasons for sales returns include defective goods, wrong merchandise shipped, or late/delayed delivery, but not goods damaged by the buyer upon receipt. Purchase procedures are not limited only to manufacturing as others are not necessarily complex and incompatible.

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    AIS 18

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    Fixed assets are property, plant, and equipment used in business operations. The asset acquisition process begins with a departmental manager recognizing the need for a new or replacement asset. The completion of an economic event and point for customer billing is when goods are shipped. Reasons for sales returns include defective goods, wrong merchandise shipped, or late/delayed delivery, but not goods damaged by the buyer upon receipt. Purchase procedures are not limited only to manufacturing as others are not necessarily complex and incompatible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    22 views1 page

    Ais 18

    Uploaded by

    Venice Marie Arroyo
    Fixed assets are property, plant, and equipment used in business operations. The asset acquisition process begins with a departmental manager recognizing the need for a new or replacement asset. The completion of an economic event and point for customer billing is when goods are shipped. Reasons for sales returns include defective goods, wrong merchandise shipped, or late/delayed delivery, but not goods damaged by the buyer upon receipt. Purchase procedures are not limited only to manufacturing as others are not necessarily complex and incompatible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    1. Fixed assets are the property, plant, and equipment used in the operation of a business.

    True

    2. It usually begins with the departmental manager (user) recognizing the need to obtain a
    new asset or replace an existing one.
    a.Asset Disposal
    b.Asset Maintenance
    c.Depreciation Schedule
    d.Asset Acquisition

    3. The shipment of goods marks the completion of the economic event and the point at
    which the customer should be billed. True

    4. An organization can expect that a certain percentage of its sales will be returned. The
    following are the reasons which it may occur except,
    a.The goods were defective
    b.The company shipped the customer the wrong merchandise
    c.The buyer refused delivery because the seller shipped the goods too late or they were
    delayed in transit.
    d.The goods were damaged by the buyer the moment he received it.

    5. Purchases procedures are limited and applied only to manufacturing because others
    seem to be complex and incompatible. FALSE

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