Business, 17.04.2021 16:40, cashkidd2200

1. A transaction to record merchandise purchased with a trade discount would include a debit to Merchandise Discount. True or False
2. The petty cash account Cash Short and Over is a temporary account.
True or False
3. A corporation can own property, incur liabilities, and enter into contracts in its own name.
True or False
4. A corporation exists independent of its owners.
True or False
5. The terms of sale 1/10, n/30 means that 1/10, or 10%, of the invoice amount may be deducted if paid within 30 days.
True or False
6. The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.
True or False
7. The contra account Purchases Discount has a normal debit balance.
True or False
8. A merchandising business places Purchases in the Operating Expenses section of the income statement.
True or False
9. The periodic inventory method does not require records of the quantity and cost of individual goods.
True or False
10. The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.
True or False

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 06:50, kat2788

Suppose the marginal damage and marginal benefit curves in a polluted neighborhood are md = p/3 and mb = 4 – p. also, suppose that transactions costs are low, so that the consumers and the firm can bargain. we saw that in this case, the socially-optimal level of pollution is achieved. start by computing the socially-optimal p. then, for each of the following cases, compute the amount of money transferred through the bargaining process, and indicate who pays whom (i. e., whether consumers pay the firm, or vice versa). also, compute the gains to each party relative to the status quo (i. e., the starting point of the bargaining process).a)consumers have the right to clean air; firm is dominant in the bargaining process. b)consumers have the right to clean air; consumers are dominant in the bargaining process. c)firm has the right to pollute; firm is dominant in the bargaining process. d)firm has the right to pollute; consumers are dominant in the bargaining proces

Answers: 1

continue

Business, 22.06.2019 11:30, emocow

1. regarding general guidelines for the preparation of successful soups, which of the following statements is true? a. thick soups made with starchy vegetables may thin during storage. b. soups should be seasoned throughout the cooking process. c. finish a cream soup well before serving it to moderate the flavor. d. consommés take quite a long time to cool. student c incorrect

Answers: 2

continue

Business, 22.06.2019 20:40, kaylee0424

Financial performance is measured in many ways. requirements 1. explain the difference between lag and lead indicators. 2. the following is a list of financial measures. indicate whether each is a lag or lead indicator: a. income statement shows net income of $100,000 b. listing of next week's orders of $50,000 c. trend showing that average hits on the redesigned website are increasing at 5% per week d. price sheet from vendor reflecting that cost per pound of sugar for the next month is $2 e. contract signed last month with large retail store that guarantees a minimum shelf space for grandpa's overloaded chocolate cookies for the next year

Answers: 2

continue

Business, 23.06.2019 01:00, softballgirl3589

Tariffs and quotas are often imposed when a government is more responsive to interests, and the benefits of those trade restrictions are often ; concentrated producer; widely dispersed consumer; widely dispersed consumer; concentrated

Answers: 3

continue

Do you know the correct answer?

1. A transaction to record merchandise purchased with a trade discount would include a debit to Merc...