Payment of office rent represents an increase in
a. revenues; b. cash; c. a liability account; d. drawing; e. expenses.
E
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Identify the product-oriented promotion where free merchandise is provided with a purchase or some free or reduced-price item for which the buyer must send in proof-of-purchase, with or without money
A) sweepstakes B) premiums C) sampling D) off-invoice allowances
How does the text define “oath”?
a. a private code b. a pact with oneself for ethical behavior c. a public promise d. a commitment to a profession’s public goals and ethics
Mismatches between actual demand and forecasted demand will result in ______.
A. excess inventory B. expanded market share C. employee dissatisfaction D. an increase in transportation costs
To record the adjustment from a ________, the liability account is debited and the revenue account is credited at the end of the period
a. deferred revenue b. accrued expense c. deferred expense d. accrued revenue