The concept that assumes that assets are recorded at the amount to acquire them is called the _________________________
Fill in the blank(s) with correct word
cost principle
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Receipts from cash sales of $1,000 were recorded incorrectly in the journal as $10,000 . This item would be included on the bank reconciliation as a(n) ________ the balance per ________
a. addition to; bank statement b. deduction from; depositor's records c. addition to; depositor's records d. deduction from; bank statement
What is the difference between a work group and a team? Give an example of each.
What will be an ideal response?
Newt, a gun dealer, offers to sell a rare civil war musket to Rush, another dealer, for "$15,000, insurance and shipping paid by buyer." Rush responds, "I accept. Insurance and shipping costs divided equally between seller and buyer." The parties
A. do not have a contract since the acceptance violated the mirror image rule. B. do not have a contract since Rush's response was a counteroffer. C. have a contract, and in the majority of states, the terms of the offeree control. D. have a contract, and in the majority of states, the different terms will cancel each other out.
In 1911, with regard to resale price maintenance, the Supreme Court pronounced a basic rule that:
a. retailers must agree to a producer or supplier's terms b. once a producer or supplier sells a product to a retailer, it cannot control the price the retailer will charge consumers c. a producer has complete control over the price a retailer will charge to consumers d. a producer can control the price of some goods, like luxury items, but not others, like food, after selling them to a retailer e. none of the other choices are correct