The increasingly popular type of financing, in which merchants receive cash advances and pay them off from their credit card sales, is called:
A. asset-based financing.
B. retailer credit financing.
C. operating capital credit financing.
D. credit card receivables financing.
E. revolving credit financing.
D. credit card receivables financing.
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GAAP stands for Generally Accepted Auditing Procedures
a. True b. False Indicate whether the statement is true or false
Brendan Company sold merchandise worth $1,600 on credit, terms n/15 and on the next day the customer returned merchandise worth $100, which cost $60 for Brendan Company. What is the required journal entry to record the merchandise returns under the perpetual inventory system?
A) Accounts Receivable 100 Sales Returns and Allowances 100Cost of Goods Sold 60Merchandise Inventory 60 B) Sales Returns and Allowances 100 Accounts Receivable 100Merchandise Inventory 60Cost of Goods Sold 60 C) Accounts Receivable 100 Merchandise Inventory 100Cost of Goods Sold 60Sales 60 D) Merchandise Inventory 100 Sales 100Sales 60Cost of Goods Sold 60
The bottleneck time is always at least as long as the throughput time
Indicate whether the statement is true or false
Because of the risk of material misstatement due to improper management representations, an audit of financial statements in accordance with GAAS should be performed with:
A. Due diligence B. Professional skepticism C. Internal controls D. Objective judgment