With a periodic inventory system, the cost of goods sold is recorded at the time of a sale of merchandise.
Answer the following statement true (T) or false (F)
False
No entries for the cost of merchandise purchases or sales are recorded in the Inventory account during the period. The cost of goods sold is determined at the end of the period.
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Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts
Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.
Service employees should have which set of the following?
a. Positive attitude, technical skills, and analytical skills. b. Positive attitude, leadership skills, and analytical skills. c. Technical skills, leadership skills, and interpersonal skills. d. Positive attitude, interpersonal skills, and technical skills. e. Technical skills, leadership skills, and analytical skills.
_____ refers to your ability to obtain goods or resources without having to make immediate payment.
A. Debit B. Profit C. Credit D. Loss
Justin and Michael form a limited partnership and start a car dealership. Justin is the general partner and Michael is the limited partner. Seven months after the commencement of the business, Pedro makes an investment and wishes to become a general partner. A week later, Michael's mother wishes to join the partnership as a limited partner. Which of the following is true in this scenario?
A. Pedro cannot be admitted as a general partner to the partnership after the business has commenced. B. Pedro cannot be admitted as a general partner to the partnership as a limited partnership can only have one general partner. C. Michael's mother cannot be admitted as a limited partner to the partnership as a limited partnership can only have one limited partner. D. Both Pedro and Michael's mother can choose to be admitted as either general or limited partners to the partnership.