Journalize the following transaction for a merchandiser that uses the perpetual inventory system
Sold goods for cash, $1,200 (cost $750 ).
What will be an ideal response
Cash 1,200
Sales 1,200
Cost of Goods Sold 750
Merchandise Inventory 750
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A characteristic of the Management Reporting System (MRS) is
a. the MRS operates in conformity with generally accepted accounting principles b. it is a legal requirement that the MRS be installed and functioning properly c. the MRS is developed by implementing SEC requirements d. the MRS focuses on internal decision-making information
Items in the United States such as the flag, the national anthem, the constitution, and war memorials serve as important sources of national identity and are examples of ______.
a. integration b. symbolic practices c. cultural artifacts d. binding
Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The capital, or finance, lease method treats leases equivalent to installment purchases or sales, where the lessee borrows funds from the lessor to purchase the asset and the lessor recognizes profit at the time of sale. b. The lessee records the leased asset and the lease liability on the balance sheet at the present value of the contractual cash flows at the time of signing the lease. c. The lessee amortizes the leased asset, similar to recognizing depreciation on buildings and equipment. d. The lessee recognizes interest expense on the lease liability, similar to recognizing interest expense on long-term notes or bonds. e. The lessor records the signing of a capital lease differently than if the lessor sold the leased asset for an installment note receivable.
The highest form of partnering is the:
A) marketing alliance B) value-added alliance C) partnering alliance D) customer partnership alliance E) strategic selling alliance