A ________ is a small store, located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover goods
A) convenience store
B) chain store
C) department store
D) supermarket
E) specialty store
A
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GAAP require that research and development costs to develop a new product be
a. capitalized in the patents account. b. expensed in the period incurred. c. capitalized in the research and development costs account. d. amortized over the expected economic life of the new product.
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries payable $30,000; credit Cash $30,000. B. Debit Salaries expense $18,000; credit Cash $18,000. C. Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000. D. Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000. E. Debit Salaries expense $30,000; credit Cash $30,000.
Which inventory management system in retailing corresponds to a just-in-time inventory management system?
a. automatic reordering b. computer-based UPC scanning c. economic order quantity d. quick response inventory planning
Parties with secondary liability unconditionally promise to pay the instrument
a. True b. False Indicate whether the statement is true or false