Under a perpetual inventory system, is it necessary to take a physical inventory at the end of the period? Why or why not?
A physical inventory must be taken to determine whether or not the actual quantity of goods matches the quantity contained in the perpetual inventory record. Discrepancies could arise as a result of error or theft.
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Mullis Company sold merchandise on account to a customer for $705, terms n/30. The journal entry to record this sale transaction would be:
A. Debit Cash of $705 and credit Accounts Receivable $705. B. Debit Accounts Receivable $705 and credit Cash $705. C. Debit Accounts Receivable $705 and credit Sales $705. D. Debit Sales $705 and credit Accounts Receivable $705. E. Debit Cash of $705 and credit Sales $705.
A partner's fiduciary duty under the UPA differs in some respects from that under the RUPA
a. True b. False Indicate whether the statement is true or false
Seventy percent of the students applying to a university are accepted. What is the probability that among the next 18 applicants,
a. at least 6 will be accepted? b. exactly 10 will be accepted? c. exactly 5 will be rejected? d. fifteen or more will be accepted? e. Determine the expected number of acceptances. f. Compute the standard deviation.
Which of the following is true of orientation methods?
A. Small organizations typically provide a handbook of information for new employees and spell out orientation procedures to follow. B. The methods a supervisor uses will depend on the organization's policies and resources. C. Some of the common orientation methods include computer-based instruction, interactive multimedia, and role-playing. D. A large organization expects individual supervisors to develop their own orientation methods.