By asking open-ended questions, the control of the response is shifted to the interviewer
Indicate whether the statement is true or false
FALSE
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Which of the following would be the best source for information about the size and number of companies operating in a particular industry in the United States?
A) PRIZM B) AIO C) VALS™ D) NAICS E) ISP
The process of transferring amounts from the book of original entry into the ledger is referred to as:
A) journalizing. B) posting. C) analyzing. D) classifying.
Identify and define five types of project costs
What will be an ideal response?
On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
A.
| Cash | 3,920 | |
| Sales discounts | 80 | |
| Accounts receivable | 4,000 |
B.
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
C.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
D.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |