When a periodic inventory system is used, ________
A) an adjusting entry is needed to record the ending Merchandise Inventory account balance
B) the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system
C) beginning Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account
D) there is no need to take a physical count of inventory
C
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FASB standards require private not-for-profit colleges and universities to present a Statement of Cash Flows.
Answer the following statement true (T) or false (F)
If $110,000 of 12 percent bonds are issued (at face value) one month after the last semi-annual interest date, the entry made to record the issue is:
a. Cash 111,100 Bonds Payable 110,000 Bond Interest Expense 1,100 b. Cash 111,100 Bonds Payable 111,100 c. Cash 105,600 Bond Interest Expense 5,500 Bonds Payable 111,100 d. Cash 115,500 Bonds Payable 110,000 Bond Interest Expense 5,500
Services tend to exhibit high experience and credence attributes.
Answer the following statement true (T) or false (F)
For an activity, assume the early start is 12, early finish is 27, late start is 19, and late finish is 34. What is the activity's slack?
A) 9 B) 6 C) 8 D) 7