A favorable cost variance means that actual cost is more than standard cost
Indicate whether the statement is true or false
False
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________ are consumer promotion tools that provide a price reduction after purchase rather than at the retail shop
A) Rebates B) Cents-off deals C) Price packs D) Coupons E) Premiums
Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?
A) debit Miscellaneous Administrative Expense; credit Cash B) debit Cash; credit Other Income C) debit Cash; credit Accounts Payable D) debit Accounts Payable; credit Cash
Both the buyer and seller of goods can have an insurable interest in the same goods at the same
time. Indicate whether the statement is true or false
Which of the following does not belong in the group?
A) A cheque B) A promissory note C) A letter of credit D) An IOU E) Both C and D