A misdemeanor is a crime punishable by a fine or a jail sentence of one year or less

a. True
b. False
Indicate whether the statement is true or false


True

Business

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Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?

a. Performance of a service for which payment was received in advance b. Payment of this month's rent c. Purchase of office equipment d. Purchase of a two-year insurance policy

Business

Young Music Lovers and Fashionable Fifty-Somethings are examples of possible ________

A) target markets B) geographic groups C) demographic segments D) social classes E) market trends

Business

Prepaid assets are valued on the balance sheet at

a. cost paid to acquire the asset. b. acquisition cost less accumulated depreciation. c. cost less expired portion. d. replacement cost. e. present value of future cash flows.

Business

Abbott Company purchased $6,500 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction?

A.

Inventory6,500 
Accounts Payable 6,500

B.
Accounts Payable6,500 
Inventory 6,500

C.
Cost of Goods Sold6,500 
Accounts Payable 6,500

D.
Accounts Payable6,500 
Purchases 6,500

Business