The expenditure classification "Current Expenditures" is an example of which of the following types of classifications?
A. Object.
B. Character.
C. Function.
D. Activity.
Answer: B
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The larger the number of companies competing within an industry, the better off each company is.
Answer the following statement true (T) or false (F)
Discuss efficient consumer response (ECR) and the continuous replenishment program (CRP)
What will be an ideal response?
A company that uses the net method of recording purchases and a perpetual inventory system purchased $2500 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $550 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is:
A. Debit Accounts Payable $1911; debit Discounts Lost $39; credit Cash $1950. B. Debit Merchandise Inventory $1950; credit Cash $1950. C. Debit Cash $1950; credit Accounts Payable $1950. D. Debit Accounts Payable $2500; credit Cash $2500. E. Debit Accounts Payable $1950; credit Merchandise Inventory $39; credit Cash $1911.
Which of the following statements about how advertising affects price is most likely true?
A. Advertising has had a significant impact on the prices charged by utilities. B. The amount typically spent on advertising is large compared with the total cost of the product. C. Advertising has a strong effect on the price of agricultural products, such as soybeans. D. The consumer who buys the product pays for the advertising. E. Advertising always increases the price of a product.