Accounting chapter 10 questions. A sales return occurs when a customer returns merchandise for a full refund. A current liability is any obligation of a business that: a) is expected to be satisfied or paid within 6 months. : the amount of sales tax collected is an asset of the business until paid to the state government. Matching. B. Exercise 42. double taxation. Accounting. 100% (1) 3. Our resource for Financial Accounting includes answers to chapter True. Question 4. Terminal Summary. ISBN. PROBLEM 10-1: TRUE OR FALSE True 1. In contrast, number of periods increased from 12 to 24 as 2 times in a year for 12 years. Find step-by-step solutions and answers to Sample answer: When I am budgeting for revenue in our household, I estimate what amount we will be paid, and I always round slightly down and with the expenses round up slightly so that there is a little leftover. This means that: a) depreciation expense was 5. A. Exercise 8. 3. Test your knowledge of accounting with multiple choice questions and quizzes. Advertising by a dental office. 401K Definition. Alternate ISBN (s) 9781260159547. 10. Below are listed various costs that are found in organizations. 6 C 38. Study with Quizlet and memorize flashcards containing terms like Current Liabilities, T/F: Interest arises only when time passes, so no interest is recorded on the day the company purchases an item on account or the day the company receives a loan. Consigned goods are owned by the consignor, but the goods are physically present in the business of the consignee. 2, Future Value of 1. Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Advanced Accounting 10th Edition, you’ll learn how to solve your toughest homework problems. , Assets taken out of a business for the personal use for the owner _____. Step-by-step solution. Chapter 12: Current Liabilities. Chapter 8 Receivables, Bad Debt Expense, and Interest Revenue Questions and Answers; Chapter 4 Adjustments, Financial Statements, and Financial Results Questions and Answers; Chapter 3 The Income Statement Questions and Answers; Chapter 2 The Balance Sheet Questions and Answers; Account Study Guide 2 - This will help you do great on the exam Chapter 17: At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Managerial Accounting 17th Edition, you’ll learn how to solve your toughest homework problems. 89% (9) 4. 4 days ago · Exercise 38. Chapter 7: Cash and Receivables. 11. Tanner, Inc. Question 3. 3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities These are the major characteristics of PP&E; -"Used in operations" and are not for resale. Study with Quizlet and memorize flashcards containing terms like Three Categories of Long Term Assets:, Fixed Asset Qualities:, Revenue Expenditure Definition and more. Exercise 2. Defined Contribution Plan Definition. 2 Identify Users of Accounting Information and How They Apply Information 1. IFRS 16 is the new lease standard. Gross margin refers to the net profit from sale of goods. , An account with a normal credit balance is At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Financial Accounting 7th Edition, you’ll learn how to solve your toughest homework problems. Financial Statement. increase in assets and increase in stockholders' equity. 6 C 37. Apples processed and canned by Del Monte. The market rate when the bonds were issued was 8%. 9. , An income statement reports information on a specific date indicting the financial condition of a business. 2. List the five steps for posting transactions to accounts receivable ledger forms. If bonds are issued at a premium, this indicates that: A. Question 9. This transaction will result in an. Chapter 11: Long-Term Assets. Subject. The total assets balance at January 1, 2019 was $165. ISBN-13: 9780133050479 ISBN: 133050475 Authors: William Hahn, Robert Rufus, Laura Miller Rent | Buy. 16. C. Coursebook Chapter 10 Answers - Free download as PDF File (. Step 2: Decide if each account increases or decreases. expenses. Exercise 40. Using the effective interest method, the amount of interest expense for the first semiannual interest period is. Enter the debit and credit amounts. Go through these Class 12 Accountancy Chapter 6 Accounting for Share Capital Class 12 Important Questions and Answers Solutions & Previous Year Questions to score good marks in the board [] These are practice materials for Intro. MULTI-TERM. The total stockholders’ equity balance at January 1, 2019 was $101. (p. Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors. Related documents. Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable. none of these. to Accounting. d) business entity. Definitions of key topics & concepts. Regarding the remaining $90,000 of delinquent receivables,it expects to collect $60,000 in July and August of 2022 and another $20,000 after August 2022but before March 2023. False. Sales tax. To determine the balance in the account after three years, he should use: A) i = 0. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Introduction to Managerial Accounting 5th Edition, you’ll learn how to solve your toughest homework problems. Com / ADP / BS. true. 1 C Start studying Accounting I: Chapter 10 Vocab. Chapters 12-14 Liabilities/Equities. Chapter 2 CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! CHAPTER 10. Study with Quizlet and memorize flashcards containing terms like True or False: The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year. Good luck with your studying! with these other accounting quizzes. c) depreciation expense increased 5. }\\ \text{11} & \text{Carlson deposited the \$72,500 cash from sale of the FDR stock in his CHAPTER 10- LESSEE ACCOUNTING (BASIC PRINCIPLES) LEASE. A name, term, or symbol used to identify a business and its products. With Expert Solutions for thousands of practice problems, you can take the guesswork out of studying and move forward with confidence. Crossword Puzzles. Schedule of accounts receivable. Study with Quizlet and memorize flashcards containing terms like Accelerated Depreciation, Betterments, Book Value and more. Cambridge IGCSE Accounting Coursebook Chapter 10 answers At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Cost Accounting 14th Edition, you’ll learn how to solve your toughest homework problems. 5 x ₹ 60,000 =₹ 1,50,000. ACCT 601: Financial Accounting Chapter 10 Assignment Part I: Bonds Payable Background Information Silver Company issues bonds payable on January 1, 2020. b. The capitalization threshold for items of PPE by government entities if P15,000, which is equal to the petty cash disbursement limit. The purchase price is included in; The cost of land. It collects $4,200,000 during the year. $17,298. pdf), Text File (. As explained in DK Goel Solutions class 11 Chapter 10 Goods and Services Tax is abbreviated as GST. 01 The Fifties and Sixties. land held for possible use as a future plant site. A method of depreciation that provides for depreciation expense based on the expected productive capacity of a fixed asset. deposits on machinery not yet received. schedule of accounts recievable. all of these answer choices are correct. True or false. Step 3: Determine if the accounting equation is in balance. Chapters 21-24 Budgeting/Decisions. Chapter 1: Accounting as a Tool for Managers. a) matching expenses with revenue. D) All of the above. 2. The cost of such assets includes the purchase price . using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept. Exercise 4. Government Acctg. The report that summarizes the cash and credit card sales of a point-of-sale terminal. View the primary ISBN for: Managerial Accounting 17th Edition Textbook Solutions. Study with Quizlet and memorize flashcards containing terms like A company purchased equipment and signed a seven-year installment loan at 9% annual interest. The amount of interest expense reported for 2012 related to these bonds is €352,451 (€175,830 + €176,621). 1 / 33. The company received $432,458 cash for the bonds. Budget preparation. Plant assets may properly include. Chapter 2: The Accounting Process. Class notes. c) a business that will not be able to pay off. A listing of customer accounts, account balances, and total amount due from all customers. 7 C a49. Assets = Liabilities + Equity; Revenues increase equity, while expenses decrease equity. B) n = 3. Chapter 10: Inventory. Management reports its adjustments on the statement of cash flows: d. (2) Rule of Real Account: Debit what comes in and credit what goes out. Current assets (inventory) 2. , The Matching Expenses with Revenue accounting Description. 0330. The terms of the invoice usually state that payment is due within a year, or a shorter time frame. Questions. a cash discount on a sale taken by the customer. Point in mind for DK Goel Solutions Class 11 Chapter 6 : –. No dividends were declared in 2020 and 2021. Access the complete solution set for Libby/Phillips’s Fundamentals of Financial Accounting (6th Edition). 1 / 8. Our resource for Cost Accounting includes answers to chapter exercises Dec 27, 2021 · Chapter 1: Introduction to Financial Accounting. If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison of the cost data associated with the sales will be by a budget based on a. Through a primary review of accounting transactions, integrated real-world examples, and a variety of Feb 27, 2019 · 9. Accounting for family and self-employment Enterprise. Interest is tax deductible whereas dividends are not. Chapter 4: The Classified Balance Sheet and Related Disclosures. d. Mr Goeddee deposits $500 in his savings account at the end of every month for three years. Exercise 1. 100% (6) 21. It is calculated by subtracting cost of goods sold from sales revenue. c. Zafar Ahmad for B. increase in assets and decrease in liabilities. An accounting principle that requires recording the value of transactions for accounting purposes at the actual transaction price. : the report that summarizes the cash and credit card sales of a point-of-sale terminal. At what value will the bond sell? A discount. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Horngren's Cost Accounting 17th Edition, you’ll learn how to solve your toughest homework problems. 5 days ago · Class 11 Accountancy important questions with answers are provided here for Chapter 2 – Theory Based if Accounting in a free downloadable pdf format. Study with Quizlet and memorize flashcards containing terms like The Full Disclosure accounting concept is applied when a company always prepares financial statements at the end of each monthly fiscal period. the amount you put into the retirement plant while you are still working is defined. Net income increases a corporation's total stockholders equity. Step 1: Identify the accounts and the account type. true or false. Accounting Chapter 10 Multiple Choice. d) is expected to be satisfied or paid within 1 year. Write the date. 4. 4 days ago · Exercise 8. Our resource for Intermediate Accounting includes answers to chapter exercises, as well as detailed information to walk you through the process step by step. }\\ \text{10} & \text{Carlson sold FDR stock, which he had owned for several years, receiving \$72,500 cash from his stockbroker. Accounts Payable can be set up as a line of credit between a purchaser and a supplier. Exercise 39. View the primary ISBN for: Financial Accounting 10th Edition Textbook Solutions. This is an alternate ISBN. R. Exercise 15. Click the card to flip 👆. ISBN-13: 9781260709568 ISBN: 1260709568 Authors: Eric Noreen, Peter C. 0 (1 review) Term. Exercise 3. Interest rate is taken for (c) above, is 4% only instead of 8% based on the number of compounding. Answer: According to J. 12. Find helpful Accounting questions and answers on Chegg. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Financial Accounting 16th Edition, you’ll learn how to solve your toughest homework problems. existing debts and obligations. 10, 11 4. Accounting 1 Exam 2 Review notes. These important questions are prepared by the experts considering the 2023-24 CBSE Class 11 Accountancy syllabus and the previous year's question papers. Land. Chapter 14: Corporation Accounting. In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month. When the bonds are sold at a discount, the effective-interest method will result in less interest expense reported than the straight-line method in 2012. Describe the accounting treatment for costs subsequent to Questions Chapter 10 (Continued) 13. Cost Price, Cost of Production and Selling Price. Accounting chapter 10. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Morreale Company buys a $12,000 van on credit. GPA Calculator. 3 K 26. Exercise 9. Study with Quizlet and memorize flashcards containing terms like selling price, mark up, accounts receivable ledger and more. Test-bank-Chap10 - Lecture notes 10 Accounting Principles CHAPTER 10 PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE ASSETS SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY. The company paid cash of \$10,000 and agreed to pay the account payable for the remainder, \$6,500, within three months. Dividends of $8 were declared in 2019. 32. , Donald E Kieso, Jerry J. increase in assets and increase in liabilities. d) depreciation expense decreased 5. the original planned level of activity. Explore quizzes and practice tests created by teachers and students or create one from your course material. Long-lived tangible assets used in the enterprise's operations. Now, with expert-verified solutions from Intermediate Accounting 17th Edition, you’ll learn how to solve your toughest homework problems. income Statement - Shows the difference between an entity's revenues and expenses and reports the net income or net loss for a specific period. Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors. Our resource for Financial Accounting includes 4 days ago · Exercise 14. A cost flow assumption where costs are charged to Cost of Goods Sold in chronological order. -Long-term in nature and are usually depreciated. Weygandt, Paul D Kimmel, Jerry J Weygandt Rent | Buy. 43. units-of-production method. True. The contractual interest rate exceeds the market interest rate. C) C Table B. Method that charges a varying amount to depreciation expense for each period of an asset's useful life depending on its usage. The cash basis of accounting is used for all accounting periods: b. With Expert Solutions for thousands of practice Name Date SECTION 10. Useful Life. Neither the nor the is known during the accounting period. B) Net Sales. By practicing these Class 11 Theory Here are a list of the accounting topics that I have made multiple choice questions for. 9781259864230. Questions Chapter 10 (Continued) The cost of installing the machinery should be capitalized, but the extra month’s wages paid to the dismissed employees should not, as this payment did not add any value to the machinery. Mention 2 Differences between accounting and accountancy. Multiple Choice. A terminal summary is also known as a Z tape. 25 have a selling price of. Ref. 4 days ago · D) net income. The account's annual interest rate is 6%. / Notes & Handouts / By Information PK. What value for this equipment should be recorded on the company's books on the day the contract is signed? $9,000 $5,033 $63,000 Debt requires repayment and an interest component. Chapters 9-11 Long-Term Assets. obligations that must be settled or paid at some time in the future by the transfer of assets or services. Principles of Accounting, Volume 2: Managerial Accounting. issued a 10%, 5-year, $100,000 bond when the market rate of interest was 12%. a listing of customer accounts, account balances, and total amount due from all customers. Under Appendix A of IFRS 16, a lease is defined as a contract or part of a contract that conveys the right to use the underlying asset for a period of time in exchange for consideration. Property, plant, and equipment or Fixed assets b. Adu; How to ace your face-to-face interview; Annual report 2017 18; Chapter 1 - Test Bank; Solutions Manual Accounting Principles 1; Accounting Principles 12th Edition Solution Manual Chapter 9 - Multiple Choice - principlesofaccounting. Chapter 6: Assigning Costs to Merchandise. A cash discount on sales taken by a customer is known as a. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Fundamentals of Cost Accounting 6th Edition, you’ll learn how to solve your toughest homework problems. Length of time an asset will be productively used in the operations of a business. Study with Quizlet and memorize flashcards containing terms like Keeping the reports and financial records of a business separate from the personal records of the partners is application of the accounting concept__________. 1. 12,000. This occurs when both corporate profits and dividends paid to stockholders are taxed. (1) Rule of Personal Account: Debit the receiver and credit the giver. 5 : 1, liquid ratio is 1. 7 K sg50. It is a type of tax that is indirectly proportional to the supply of goods and services. A corporation can decide if and when to declare a dividend. Chapters 15-16 Using Information. Trial Balance. Noreen, Ray Garrison, Ray H. Assets = Liabilities + Owner’s Equity. idle equipment awaiting sale. 1 K 13. 3 K 25. Activities that affect equity include revenues, expenses, gains, losses, and investment by and distributions to owners. Feb 10, 2021 · Answer: (a) (b) Question 8. com. View the primary ISBN for: Forensic Accounting 1st Edition Textbook Solutions. Individual items of PPE with values below the capitalization threshold but work together as a group are recognized as PPE if the total The normal account balance of sales returns and allowances is a credit. Exercise 11. The incorporation laws and which states have favorable laws for corporations. column of the ledger account. 407 A. 8% per annum or 4% per semiannual has the same meaning. Answer: ₹ 60,000 = Current Liabilities Current Assets = 2. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Century 21 Accounting: General Journal 11th Edition, you’ll learn how to solve In this video, I walk you through Chapter 10: Long-Term Assets: Fixed and Intangible. Advantages could include real-time data and more robust information. Calculate and record the new account balance. false. Here are the main advantages of GST –. yielding an effective interest rate of eight Financial Accounting Chapter 9 Questions. 5. The fi nal inventory fi gure appears on the and on the . We'll discuss content including the cost of fixed assets, the straight 4 days ago · Exercise 19g. (3) Rule of Nominal Account: Debit all expenses and losses credit all incomes and gains. Here are the details: stated interest rate = 4%; market interest rate will vary, below principal (face value) = $50,000,000; maturity date: December 31, 2023 a discount of 4% will be allowed if payment is made within 15 days from the date of the invoice. Accounting Principles, 14th Edition provides students with a clear overview of fundamental financial and managerial accounting concepts with a focus on learning the accounting cycle from the sole proprietor perspective. 24/7 Online Study Help. SSC MCQ Question Ans. McGraw-Hill, Inc. Costs incurred in providing the goods and services offered. Garrison, Peter Brewer Rent | Buy. 21st Century Skills. issues 10-year bonds with a face value of $200,000. Term. b) is expected to be satisfied or paid within 2 years. Mention the advantages of GST. Quiz yourself with questions and answers for Accounting chapter 10 and 11 quiz, so you can be ready for test day. A sales allowance occurs when a customer keeps the merchandise and is issued a partial refund. 23 questions. c) realization revenue. ACCT Chapter 10. Intermediate Accounting Chapter 10 Test Bank. Chapters 5-8 Current Assets. Our resource for Fundamentals of Cost The net capital assets balance at January 1, 2019 was $91. Our resource for Managerial Accounting includes Our resource for College Accounting, Chapters 1-27 includes answers to chapter exercises, as well as detailed information to walk you through the process step by step. 5. Accounting questions and answers; ccounting Chapter 10 Homework Ch 10 QUESTION 5 Incomplete answer Marked out of 200 F Flag question Bonds Payable Journal Entries: Effective InterestAmortization On December 31, 2014, Coffey Company issued $300,000 of 10 year, ten percent bonds payable for $340,771. Interest has been paid on the bonds each year and is included in interest expense. First-In, First-Out (FIFO) Click the card to flip 👆. Guided Textbook Solutions. chapter 10 question review chapter 10 questions multiple choice bonds that may be exchanged for common Skip to document University A company issued 10%, 5-year bonds with a par value of $400,000. True-False Statements. 5% of total assets. Chapters 17-20 Managerial/Cost. 54,000 units of activity. Accounting Notes First Semester. Batliboi, ‘Book-keeping is an art of recording business dealing in a set of books. Exercise 5. txt) or read online for free. 5%. 1 / 26. Definition. 7. GST eliminates the cascading tax effects by bringing indirect tax regimes together. Brewer, Eric W. Cash receipts and payments occur before or after the point in time when revenues and expenses should be recognised under the accrual basis of accounting: c. Get the most out of Chegg Study. Chapter 16: Statement of Cash Flows. ’. Molina Corporation issues 5000, 10-year, 8%, $1000 bonds dated January 1, 2017, at 103. -Possess physical substance. Write the sales journal page number in the Post. Last year J&M had assets of $100,000. Chapters 1-4 The Accounting Cycle. Chapter 15: Partnership Accounting. Communicating financial information. cost principle. A village levies property taxes in the amount of $4,290,000 for the fiscal year ended June 30, 2022. As the students have to learn the basic fundamentals of the subject of Accountancy, the NCERT Class 11 Solutions is a comprehensive study material which explains the concepts in a detailed way. Undeveloped land acquired for future resale rather than operations is classified and reported as 1. Find the value of current liabilities and current assets, if current Ratio is 2. 5% of net sales. Test Bank for Managerial Accounting, Sixth Edition. a. Liabilities are. Chapter 5: Accounting for the Sale of Goods. Both tangible and intangible assets have value to the company and can be bought, sold, or impaired; tangible assets have physical substance, while intangible assets do not. 159), True or False Aug 16, 2022 · We have given these Accountancy Class 12 Important Questions and Answers Chapter 6 Accounting for Share Capital to solve different types of questions in the exam. Exercise 7. Exercise 10. , T/F: Accounts payable is increased (credited) when a company receives goods or services on credit and decreased (debited) when the company pays on Solution / Manual of Cost Accounting on Chapter # 10 – Factory Overhead – Costing and Accounting ( Calculation and Application of Factory Overhead Rate ) Revised Edition by Sohail Afzal and Dr. The company reports revenue in the same period cash Exercise 7. Hamburger buns in Wendy's outlet. 06. True 2. 95 USD. To affect the market price, avoid takeover, and limit need for dividend payouts. Word Scrambles. Chapter 13: Long-Term Liabilities. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Financial Accounting 4th Edition, you’ll learn how to solve your toughest homework problems. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Advanced Financial Accounting 10th Edition, you’ll learn how to solve your toughest homework problems. $625500. Student resources to accompany Accounting: A Smart Approach, including multiple-choice questions to support the chapters and additional practice questions and their solutions. The Cash account would increase; Accounts Receivable would decrease. creditors' claims on total assets. Bonds with a face value of $600000 and a quoted price of 104. Disadvantages could include fewer inventory counts with opportunity for mismanagement of inventory. ISBN-13: 9781119305798 ISBN: 1119305799 Authors: Weygandt, Jerry J. b)objective evidence. 2 : 1 and the value of inventory of the firm is ₹ 78,000. The annual payments equal $9,000. Our resource for Financial Accounting includes answers to chapter Crucible Inc. Considering the challenges and commitments of the 21st century and following the revised curriculum Accounting questions and answers. Exercise 41. At Quizlet, we’re giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Principles of Accounting 12th Edition, you’ll learn how to solve your toughest homework problems. 158), True or False: A fiscal period must be 12 months in length. Z tape. : purchases and sales of merchandise are the two major activities of a merchandising business. Exercise 6. Define Book-keeping. Since accounts payable amounts are due within a company’s operating cycle, this account type would be considered a current liability. $131. The present value factor for an annuity for seven years at 9% is 5. 3. 1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting 1. Publisher. 2 EXERCISES (continued) Exercise 2, p. Study with Quizlet and memorize flashcards containing terms like accelerated depreciation method, amortization, book value Credit Sales = 24,000 × 50% = Rs. Preventing errors and frauds. Our resource for Principles of Accounting NCERT Solutions for Class 11 Commerce Accountancy Chapter 10 – Financial Statements – 2 provides students with all-inclusive data for all the concepts. Cost of land includes; All costs to acquire land and ready it for use. 5% from the prior year to the current year. To be Located in Table 1. Chapter 3: Financial Accounting and Adjusting Entries. Ask any accounting question and an expert will answer it in as little as 30 minutes. b) depreciation expense was 5. 10 K; 1 K 14. Credit card and debit card sales are treated as cash sales because the business receives it cash in a very short time. Forensic Accounting | 1st Edition. salary reduction plan. A tax on a sale of merchandise or services. accounting chapter 10 multiple choice. Terminal summary. While the seller considers an invoice for a sale on account to be a sales invoice, the same invoice is considered by the customer to be a purchase invoice. zkgorfiifnqfgzoswivz