Which of the following terms best represents a firm's ability to achieve market superiority?
a. Flexibility
b. Competitive advantage
c. Quality assurance
d. Agility
b
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If a company discounts a note at a bank, but still is contingently liable for the maturity value, then the note was discounted with ____________________
Fill in the blank(s) with correct word
Segment profitability analysis includes the preparation of a segmented income statement
Indicate whether the statement is true or false
A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the amount of interest revenue or expense to be recorded by the payee of the note on May 21 is
A) $30 interest expense B) $30 interest revenue C) $170 interest revenue D) $170 interest expense
Which if the following is not true about closing entries?
a. Closing entries move the balances of nominal accounts to the retained earnings account. b. Closing entries are an optional step in the accounting cycle. c. Closing entries are made later in the accounting cycle than adjusting entries. d. Closing entries are made before the post-closing trial balance is prepared.