Answer the following statements true (T) or false (F)
1) Cost of Goods Sold is based on the company's cost, not the retail price.
2) When a sale is made on account, Accounts Receivable is debited.
3) A reduction in the amount of revenue earned on sales for early payment is known as a sales discount.
4) Using the gross method for recording sales, sales are recorded at the amount of the sale less any sales discounts.
5) Using the gross method for recording sales, if a customer pays within the discount period, the seller records the discount as a decrease in Sales Revenue.
6) A merchandiser using the gross method sold goods on account to Customer A for $8,000 with terms of 2/10, n/30. If the payment is received within the discount period, Accounts Receivable is decreased by $7,800.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
6. FALSE
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Answer the following statement true (T) or false (F)
Which of the following is a characteristic of a plant asset, such as a building?
A) It is used in the operations of a business. B) It is available for sale to customers in the ordinary course of business. C) It has a short useful life. D) It will have a negligible value at the end of its useful life.
EMS stands for
a. environmental manufacturing system. b. employee management system. c. emergency medical services. d. environmental management system.
Discuss the similarity between solicited application messages and unsolicited application messages