When an organization sets a number of prices for selected groups of merchandise, this is commonly referred to as
A. reference pricing.
B. price lining.
C. customary pricing.
D. odd-number pricing.
E. ethical pricing.
Answer: B
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When a company factors its accounts receivable, it
A) enters into a lending agreement with the institution to receive cash on specific customer accounts. B) sells individual accounts to a financial institution. C) uses these accounts only as a collateral for a loan. D) transfers the accounts but retains title of the accounts until the loan is paid.
Cornelius Company purchased supplies on account. What account is credited?
What will be an ideal response?
Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction?
A) a debit to Sales Revenue for $526,000 B) a credit to Accounts Receivable for $526,000 C) a debit to Sales Tax Payable for $52,600 D) a debit to Accounts Receivable for $578,600
Explain how a salesperson's performance can be evaluated.
What will be an ideal response?