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If goods are sold but not delivered to the customer, they will be included in _______
- a)Closing inventory
- b)Goods in transit
- c)Sales
- d)Sales returns
Correct answer is option 'C'. Can you explain this answer?
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If goods are sold but not delivered to the customer, they will be incl...
Sales vs Goods in Transit vs Closing Inventory
Sales:
Sales refer to goods sold to the customers but not necessarily delivered to them yet. The transaction is considered complete when the goods are delivered to the customer. Until then, the goods are considered as sales.
Goods in Transit:
Goods in transit refer to the goods that have been dispatched from the seller's warehouse but have not yet been received by the buyer. These goods are in the process of being delivered to the customer, and until they reach their destination, they are considered as goods in transit.
Closing Inventory:
Closing inventory refers to the goods that are still available with the seller at the end of the accounting period. These goods have not been sold or dispatched yet and are still in the seller's possession.
Answer:
If goods are sold but not delivered to the customer, they will be included in sales. The reason being, the transaction is considered complete once the goods are sold, and until they are delivered, they are still considered as sales. Goods in transit are the goods that have been dispatched but not yet received, and closing inventory refers to goods that are still available with the seller.
Sales:
Sales refer to goods sold to the customers but not necessarily delivered to them yet. The transaction is considered complete when the goods are delivered to the customer. Until then, the goods are considered as sales.
Goods in Transit:
Goods in transit refer to the goods that have been dispatched from the seller's warehouse but have not yet been received by the buyer. These goods are in the process of being delivered to the customer, and until they reach their destination, they are considered as goods in transit.
Closing Inventory:
Closing inventory refers to the goods that are still available with the seller at the end of the accounting period. These goods have not been sold or dispatched yet and are still in the seller's possession.
Answer:
If goods are sold but not delivered to the customer, they will be included in sales. The reason being, the transaction is considered complete once the goods are sold, and until they are delivered, they are still considered as sales. Goods in transit are the goods that have been dispatched but not yet received, and closing inventory refers to goods that are still available with the seller.
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If goods are sold but not delivered to the customer, they will be incl...
Sales because that the sales process would be done perfectly
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If goods are sold but not delivered to the customer, they will be included in _______a)Closing inventoryb)Goods in transitc)Salesd)Sales returnsCorrect answer is option 'C'. Can you explain this answer?
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