Cornelius Company purchased supplies on account. Would the business event be classified as an asset source, asset use or asset exchange transaction?
What will be an ideal response?
Accounts Payable
Purchasing supplies on account is an asset source transaction. The asset account, Supplies, increases and the liability account, Accounts payable, increases.
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Liz has a dream to be an accomplished piano player. However, something is impeding her progress toward this goal. Liz works hard when she sits down at the piano, and she knows exactly what and how to practice the piano. The problem seems to be she does not practice consistently, and weeks go by between times when she tries to practice. She only practices when she feels like it. According to this scenario, what element of motivation is Liz missing?
A. energy B. direction C. maintenance D. leadership
One of the key internal controls for any organization is separation of duties.
Answer the following statement true (T) or false (F)
The evaluation of future long-range projects to allocate resources effectively and efficiently is referred to as ______________________________________
Fill in the blank(s) with correct word
Which statement about job order cost systems is false?
a. For a service business, a finished goods account is not necessary. b. A job order cost accounting system may be used for a professional service business. c. None of these statements is false. d. For a service business, Cost of Services is similar to the cost of merchandise sold account for a merchandising business.