A company that purchases merchandise treats a cash discount as a reduction to the cost of merchandise inventory.
Answer the following statement true (T) or false (F)
True
A purchase discount decreases the purchaser's assets (merchandise inventory) and liabilities (accounts payable).
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A situation in which managers pursue goals and objectives that are in the best interests of a particular segment rather than in the best interests of the organization as a whole is referred to as ____________________
Fill in the blank(s) with correct word
During its first year of operations, a company granted employees vacation privileges estimated at a cost of $60,000 . The vacations are expected to be taken in the next year. What is the total cost of vacation pay to be recognized in the first year?
a. Need more information. b. $0 c. $60,000 d. $30,000
Sole proprietorships are the most common form of business organization in the United States
Indicate whether the statement is true or false
___________ are issued by administrative agencies to interpret and implement statutes enacted by a legislature
a. Regulations b. Interpretations c. Reviews d. Acknowledgements