The Fair Debt Collection Practices Act requires that a collection agency make known certain rights of the debtor in a ________.
What will be an ideal response?
validation disclosure
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What does the phrase, "Revenue is recognized at the point of sale" mean?
a. Revenue is recorded in the accounting records when the goods are received from a supplier, and reported on the income statement when sold to the customer. b. Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer. c. Revenue is recorded in the accounting records when the goods are sold to a customer, and reported on the income statement when the cash payment is received from the customer. d. Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.
Examples of service businesses include:
a. Airlines, accountants, and hair stylists. b. Department stores, poster shops, and wholesalers. c. Aircraft producers, home builders, and machine tool makers. d. None of these are correct.
The doctrine of quasi con¬tract generally can only be used when there is an actual contract that covers the matter in controversy
Indicate whether the statement is true or false
Indicate whether each of the following statements is true or false.________ a) A cash discount is extended to reward the buyer for purchasing large quantities of goods.________ b) A purchase discount refers to a cash discount as seen from the seller's viewpoint.________ c) A sales discount refers to a cash discount as seen from the buyer's view.________ d) In a perpetual inventory system, a sales discount is recorded as a reduction of sales revenue.________ e) In a perpetual inventory system, a purchase discount is recorded as a reduction of merchandise inventory.
What will be an ideal response?