The purpose of the purchase order is to
a. order goods from vendors
b. record receipt of goods from vendors
c. authorize the purchasing department to order goods
d. approve payment for goods received
A
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GTB Electronics enters a new market and needs to set its pricing strategy for the market. Which of the following is a favorable condition for implementing skim pricing?
A) There is little differentiation between competing products in the market. B) The market has many well-established competitors. C) Entry into that particular market is difficult. D) There are many substitute products available, with a wide range of prices and features. E) GTB's product position is about the same as competitors' positions in every area of product and service quality.
On July 7, University Bank lent $530,000 to Jazz Music Shop on a 60 day, 7% note. What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar.)
A) $530,000 B) $567,100 C) $536,099 D) $536,183
Which of the following most likely is a definitely determinable liability during interim periods?
a. Estimated property tax payable b. Accrued interest payable c. Estimated product warranty liability d. Estimated income taxes payable
Which of the following statements is true regarding callable bonds?
a. A company might call its bonds if interest rates have dropped. b. Callable bonds give the purchaser the right to buy back and retire the bonds at a specified price, usually above the face value, before maturity. c. If bond interest rates rise, a company can call its bonds and reissue debt at a lower interest rate. d. All of these are true.