Merchandise that has been sold and is returned to the firm by the customer is called
A. a sales discount.
B. an expense.
C. a sales allowance.
D. cost of goods sold.
E. a sales return.
Answer: E
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Which control is most likely to address the goal of input completeness?
a. agreement of run-to-run totals b. digital signature c. independent validation of vendor invoice d. tickler file of open purchase orders and receiving reports
When the contract rate of a bond is greater than the market rate on the date of issuance, the bond sells at a discount.
Answer the following statement true (T) or false (F)
Dennis and Claudia were partners who operated a retail store. They agreed to end the partnership. Dennis agreed to stay at the store and oversee the going-out-of-business sale. Claudia agreed to deal with the accountants and other related matters not
directly related to the hands-on operation of running the store. Claudia received notice that the store's liability policy would expire on July 1 . She decided not to renew the policy and let it lapse. The going-out-of-business sale would not be completed until August 1 . In July, a customer slipped and fell in the store. When Dennis learned that Claudia had allowed the liability policy to lapse, he was very upset and claimed he should not be liable for the customer's injury. Is Dennis liable to the customer? Explain.
F group contracts are:
a. shipment contracts. b. carriage contracts. c. destination contracts. d. freight contracts.