If cost of goods sold does not equal the cost of merchandise purchased during the period, an adjustment must be made to correct the error
a. True
b. False
Indicate whether the statement is true or false
False
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An entry made to the right side of an account is called a
a. debit b. credit c. double-entry system d. journal entry
Which of the following statements is true of liabilities?
a. Accounts payable are listed in the current liabilities section in alphabetical order by vendor. b. Classification of current liabilities is important because of the liquidity concept. c. Current liabilities are listed in order of decreasing amounts in the current liability section of the balance sheet. d. The accounting principles followed in the U.S. differ from those of other countries; this is especially true for current liabilities.
______ are a set of prescribed behaviors, and are something that all family members perform.
A. Mores B. Roles C. Chores D. Jobs
Each general ledger account used in the purchases journal must be posted daily during the accounting period
Indicate whether the statement is true or false