The Trade Related Aspects of International Property Rights (TRIPS) is administered through the ________
A) World Bank
B) World Trade Organization
C) International Monetary Fund
D) International Labor Organization
B
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_____ are the amounts at which items entered the firm's balance sheet and reflect economic conditions at the time the firm obtained assets or obtained financing
a. Past amounts b. Present amounts c. Valuation amounts d. Historical amounts e. Current amounts
A company purchased $3200 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $350 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:
A. $3200. B. $2821.5. C. $2850. D. $350. E. $2818.
Tetra Co. uses the perpetual inventory system and a FIFO cost flow method. On January 1, the company purchased 2,000 units of inventory that cost $4.00 each. On January 12, the company purchased an additional 3,000 units of inventory at a cost of $4.20 each. On January 20, Tetra Company sold 4,000 units of inventory. Which of the following entries would be required to recognize the cost of goods sold on that date?
A.
| Cost of goods sold | 16,400 | |
| Inventory | 16,400 |
B.
| Inventory | 16,600 | |
| Cost of goods sold | 16,600 |
C.
| Cost of goods sold | 16,600 | |
| Inventory | 16,600 |
D.
| Inventory | 16,400 | |
| Cost of goods sold | 16,400 |
Profits result from customer choices, not the entrepreneur's choices.
Answer the following statement true (T) or false (F)