Memos should be organized directly by conveying the main idea first
Indicate whether the statement is true or false
True
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On June 3, Win-Tel Company sold merchandize worth $800 on credit, terms 2/10, n/30 . The merchandize sold had cost $550 . The customer paid the amount on June 15 . What is the required journal entry to record the payment received under the periodic inventory system?
a. Accounts Receivable 784 Sales Discounts 16 Cash 800 b. Accounts Receivable 800 Cash 800 c. Cash 784 Sales Discounts 16 Accounts Receivable 800 d. Cash 800 Accounts Receivable 800
Which of the following could affect(s) the fixed asset turnover ratio?
a. Firms often invest in fixed assets several periods before these assets generate sales from products manufactured in their plants or sold in their stores. b. A low or decreasing rate of fixed asset turnover may indicate expanding firms preparing for future growth. c. Firms anticipating a decline in product sales could cut back expenditures on fixed assets and increase the fixed asset turnover ratio. d. All of the above. e. None of the above.
The terms World Wide Web and Internet mean the same thing
Indicate whether the statement is true or false
All of the following are methods that a property and liability insurance company can use to protect against catastrophic losses EXCEPT
A) sale of catastrophe bonds. B) purchase of common stock. C) purchase of excess-of-loss reinsurance. D) quota share reinsurance with a low retention percentage.