Net working capital provides a very useful summary measure of a firm's short-term financing decisions
Indicate whether this statement is true or false.
Answer: TRUE
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A merchandiser has sales discounts forfeited of $100, cost of goods sold of $22,000, and other expenses of $1,100. The merchandiser uses a perpetual inventory system. The second entry in the closing process would include ________.
A) a debit to Income Summary for $23,100 B) a credit to Income Summary for $23,200 C) a debit to Income Summary for $23,200 D) a credit to Income Summary for $1,200
In a process-costing system, goods are relatively homogeneous and different cost flow assumptions are allowable
Indicate whether the statement is true or false
One of the key advantages of an EDI (Electronic Data Interchange) system is:
A) it allows easy access to all company data to vendors. B) its transaction formats are universal. C) it allows third-party transmission connections to company data. D) it saves both time and money by using different languages. E) vendors receive orders by voice mail.
An honest effort to meet both the spirit and letter of the contract is termed
a. reasonable circumstances. b. sole discretion. c. honest representation. d. good faith.