The regular products carried by a retailer constitute _____ merchandise
a. fashion
b. staple
c. assortment
d. fad
b
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The receiving report
a. is used to update the actual cost inventory ledger b. accompanies the goods to the storeroom c. is sent to general ledger d. is returned to the vendor to acknowledge receipt of the goods
A guarantor does not join with the person who is primarily liable in making a promise; rather, a guarantor makes a separate promise and agrees to be liable on the happening of a certain event.
Answer the following statement true (T) or false (F)
On a statement of cash flows prepared using the direct method, cash from customers would be sales plus a(n)
a. decrease in accounts payable. b. increase in accounts payable. c. decrease in accounts receivable. d. increase in accounts receivable. e. None of these answers is correct.
Unbranded, no-frills goods are classified as _____
a. generics b. private brands c. manufacturer brands d. scrambled merchandising