I practiced a similar question last week, and I believe the vendor reconciliation account might be relevant too, but I can't recall if it's always used.
The tax account? That doesn't seem right - the goods receipt process is more about inventory and vendor accounts. Let me re-read the question and think this through.
Okay, I know the stock account is definitely one of the correct answers, since that's where the received goods are recorded. Now I just need to figure out the other account.
The stock account and the GR/IR account are the winners here. I'm just glad they didn't include 'Snacks and Beverages' as an option. That would have been a real head-scratcher!
The stock account and the GR/IR account, of course! What, did they hire a comedian to write these answer choices? Vendor reconciliation? That's a good one!
Hmm, I'm not sure about the vendor reconciliation account. Seems a bit out of place for a goods receipt. But the stock account and GR/IR account make sense to me.
Definitely the stock account and the GR/IR account. This is basic accounting 101, folks. Let's move on to the next question - I'm ready to get this certification!
I think the stock account and the GR/IR account are the correct answers. Why would we post to the tax account or the vendor reconciliation account for a goods receipt?
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