The income statement is not affected by a purchase of merchandise.
Answer the following statement true (T) or false (F)
True
Product costs are recognized as expenses when goods are sold, not when they are purchased.
You might also like to view...
Two students agree to run Saturday dances and to split whatever money they make. There is absolutely no talk of partnership. Which of the following is TRUE?
A) The students are not partners because they did not agree to be partners. B) The students are not partners because they do not have a written partnership agreement. C) The students are partners because they agreed to share profits. D) The students are partners because every business agreement between two people creates a partnership. E) The students are not partners because one of the indicia of partnership is missing.
If a firm has a large percentage of accounts over 30 days old, this is proof positive that its receivables manager is not doing a good job.
Answer the following statement true (T) or false (F)
To create initial use cases you start with ________
A) counting actors B) domain analysis C) looking into problem space D) looking into solution space
Today, nearly all personal computers and mobile devices ship from the factory with an onboard ________, which allows them to connect to the Internet
A) bluetooth adapter B) WNIC C) DSL D) memory card