Discuss the important accounting features of a periodic inventory system including accounts and procedures used.
What will be an ideal response?
Each purchase of merchandise is debited to the Purchases account. Cost of goods sold is not recorded at the time of sale. Instead, a physical count of inventory at the end of the accounting period is used to determine the amount of inventory sold. Certain costs of inventory such as transportation-in, purchases discounts, and purchases returns and allowances are recorded in separate accounts. These separate accounts are then used to help compute inventory and cost of goods sold at the end of the period.
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Explaining the circumstances surrounding the presentation is often effective in
A) identifying your main supporting points. B) arousing the interest of the audience. C) summarizing the main idea of your presentation. D) revealing the order in which you'll develop your main points. E) identifying yourself as an expert on the topic.
Which of the following is not a correct rule of debits and credits?
A) assets, expenses and withdrawals are increased by debits B) assets are decreased by credits and have a normal debit balance C) liabilities, revenues and owner's equity are increased by credits D) the normal balance for revenues and expenses is a credit
Esteban and Florian want to form a limited liability company (LLC) to manage their business, Gordian Nuts. LLC statutes have been adopted in
a. every state. b. no state. c. less than one-fifth of the states. d. only Wyoming.
Which of the following statements is true of database marketing?
A. It is a quick and efficient process for obtaining meaningful consumer information and making marketing decisions to acquire customers. B. It is the act of simulating the conditions under which a product is to be marketed. C. It does not require someone with the technology know-how to keep the system up and running because it is fairly easy to use. D. It refers to the act of promoting the sale of a product at the point of purchase.