Which of the following is NOT an advantage of trade credit?
A) Trade credit is very flexible.
B) The amount of extended credit expands and contracts with the needs of the firm.
C) The cost of forgoing the discount is less than the prime rate.
D) Generally no formal agreements are involved in the extension of trade credit.
C
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Which one of the following is an accurate description of Allowance for Doubtful Accounts?
a. Contra account b. Liability account c. Revenue account d. Expense account
The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests
Indicate whether the statement is true or false
Which of the following is correct with regard to the powers of government in the United States?
a. The federal government is a government of enumerated powers. b. The federal government is all-powerful except in cases of state criminal law. c. Legislation enacted by Congress does not need to be based on a specific power granted to the federal government by the Constitution. d. Congress may not enact legislation that affects the states.
Which of the following statements is true of the capital expenditures budget?
A) It is a part of the financial budget. B) It must be completed after the budgeted income statement is prepared. C) It includes the sales budget. D) It must be completed before the cash budget is prepared.