Answer the following statements true (T) or false (F)
1. If the amount of the petty cash fund is decreased, the Petty Cash Fund account should be credited.
2. Atlas Service Company decides to increase the amount of the petty cash fund from $350 to $800. A journal entry must be made to debit the Cash account and credit the Petty Cash account for $450.
3. The only time the Petty Cash account is used in a journal entry is when the account is established, increased, or decreased.
4. For each petty cash payment, the custodian prepares a petty cash ticket.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
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What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2018 if the perpetual inventory system and the first-in, first-out inventory costing method are used?
Nichols Company had the following balances and transactions during 2018:
A) $5,740
B) $51,000
C) $39,100
D) $24,600
Which of the following statement is most likely true about the question approach?
A. The usage of questions in the presentation reduces prospect participation. B. Using questions as openers is an effective but infrequently used approach method. C. The questioning approach is ineffective with the problem-solution presentation. D. Some question should be phrased as direct negative-no types to solicit brief responses. E. Spontaneous questions are more effective than pre planned questions.
Which of the following is true regarding the summary-of-benefits close?
A. The SELL sequence and FAB statements can be utilized. B. It is not a straightforward method to close an industrial sale. C. It cannot be used easily as it involves a complex process. D. It is infrequently used by salespeople. E. It aims at a specific prospect's personality.
If their contract contains no binding arbitration clause, the parties may secure arbitration by entering into a ________ agreement
A) remission B) subrogation C) submission D) protestation