The correct term for the process of recording the economic effects of business transactions in a book of original entry is
a. Double-entry system
b. Debit
c. Credit
d. Journalizing
d
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Assuming that costs are changing during the accounting period, under the last-in, first-out inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will usually differ from the amount calculated using th
Indicate whether the statement is true or false
Dick's Burgers n' Shakes enters into an oral contract with Restaurant Equipment Warehouse (REW) for REW's sale to Dick's of a single-spindle milkshake mixer for $300. Assuming the terms can be proved, the con-tract is enforceable by A) REW or Dick's
B) the maker of the mixer. C) ?anypotentially interested third party, such as one of Dick's suppliers. D) all of the choices.
Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North$660,000 Variable expenses, North$383,000 Traceable fixed expenses, North$79,000 Sales revenues, South$510,000 Variable expenses, South$291,000 Traceable fixed expenses, South$66,000 In addition, common fixed expenses totaled $179,000 and were allocated as follows: $93,000 to the North business segment and $86,000 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:
A. $198,000 B. $383,000 C. $184,000 D. $105,000
Which of the following is not true regarding payroll cards?
A) The employer can require employees to accept their wages on these cards. B) Employers use payroll cards because they are cheaper than issuing payroll checks. C) Fees are frequently associated with the cards. D) The cards are convenient for employees who lack bank accounts.