Whitewater Corp. is looking for a new vendor for basic plastics because the present vendor has been inconsistent about meeting delivery schedules. Which of the following buying processes is the firm's purchasing agent most likely to use?
A. intensive buying
B. straight rebuy
C. new-task buying
D. selective buying
E. modified rebuy
Answer: E
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Able Bakers sells cooking supplies and training services. Under a contract with Putnam Restaurants, Able will provide $60,000 of supplies and three months of training for $2,000 per month. Able's right to receive consideration for cooking supplies is conditional upon providing one month of training services before they can bill the customer for the supplies. When Able delivers the supplies on the
first day of training services, Able will recognize A) $60,000 receivable. B) $60,000 contract liability. C) $60,000 contract asset. D) $60,000 unearned revenue.
Compare and contrast the constructive receipt doctrine and the assignment of income doctrine.In what situations do these doctrines apply? What tax planning strategies does each doctrine limit?
What will be an ideal response?
A life insurance policy that provides a policyowner with cash value along with a level face amount is called
Whole life Level term Credit life Ordinary life
At the end of its first year of operations, a company has accounts receivable of $250,000. The company expects to collect 90% of these accounts. The company's year-end adjusting entry for uncollectible accounts would be:
A. Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts for $25,000. B. Debit Allowance for Uncollectible Accounts; Credit Bad Debt Expense for $25,000. C. Debit Allowance for Uncollectible Accounts; Credit Accounts Receivable for $25,000. D. Debit Bad Debt Expense; Credit Accounts Receivable for $25,000.