A state that when entered, cannot be left is called
A) transient.
B) recurrent.
C) absorbing.
D) steady.
E) None of the above
C
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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:Beginning inventory, January 1: $4,000Net sales: $80,000Net purchases: $78,000The company's gross margin ratio is 25%. Using the gross profit method, the cost of goods sold would be:
A. $60,000. B. $63,000. C. $19,500. D. $20,000. E. $58,500.
Using the cost-adjusted-to-market method of accounting for a long-term investment in stock, the journal entry to record the receipt of dividends involves a credit to Dividend Income
Indicate whether the statement is true or false
Which of the following is the MOST accurate statement concerning the use of primary and secondary research methods?
a. Secondary research helps to establish a starting point for primary research. b. A researcher typically chooses between secondary and primary research as the appropriate alternative for obtaining information for the particular problem. c. Primary research refers to the predominant research method selected for a study, with secondary research available as an option, if needed. d. Secondary research includes observation, experimentation, and normative surveys.
If a company uses $1,300 of its cash to purchase supplies, the effect on the accounting equation would be:
A. Assets increase $1,300 and liabilities increase $1,300. B. Assets increase $1,300 and liabilities decrease $1,300. C. One asset increases $1,300 and another asset decreases $1,300, causing no effect. D. Assets decrease $1,300 and equity decreases $1,300. E. Assets decrease $1,300 and equity increases $1,300.