To record the purchase of supplies on account, an accountant would credit Supplies.
Answer the following statement true (T) or false (F)
False
This is false. Office supplies are an asset and an asset is increased with a debit. Therefore, the purchase of office supplies would include a debit to the Supplies account (as well as a credit to accounts payable).
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In order for an organization to become socially responsible, it must first become financially sound. This statement reflects which level of corporate social responsibility?
A. economic B. legal C. ethical D. discretionary
The payback period method measures
a. the profitability of an investment. b. the cash flows from an investment. c. how quickly investment dollars may be recovered. d. the economic life of an investment.
Broncho Industries is considering the purchase of a $100,000 machine that is expected to result in a decrease of $15,000 per year in cash expenses. This machine, which has no residual value, has an estimated useful life of 10 years and will be depreciated on a straight-line basis. For this machine, the accounting rate of return would be
a. 10 percent. b. 15 percent. c. 30 percent. d. 35 percent.
Keep your setups ___________
a. detailed b. in reverse order c. separate from the rest of the document d. short