The tactic of varying price over time is suitable for assets
A) that do not have a clear date beyond which they lose a lot of their value.
B) that have a clear date beyond which they lose a lot of their value.
C) where customers are able to cancel orders and the value of the asset drops significantly after a deadline.
D) where customers are unable to cancel orders and the value of the asset drops significantly after a deadline.
Answer: B
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At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A. Debit Supplies Expense $4,200, credit Supplies $4,200. B. Debit Cash $4,200, credit Supplies $4,200. C. Debit Cash $800, credit Supplies $800. D. Debit Supplies $4,200, credit Supplies Expense $4,200.
What is defined as any data item in a record that is used to identify the record?
A) an attribute B) a key C) a primary key D) an entity
What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnership Act?
A. The partner with a deficit balance contributes personal assets only if those personal assets exceed personal liabilities. B. Partners never have a deficit balance. C. The partnership must sell assets in order to cover the deficit balance. D. The partner with a deficit balance must contribute personal assets to cover the deficit balance. E. The other partners must contribute personal assets to cover the deficit balance.
An example of a bank error that causes the company's balance and bank's balance of cash to differ is the purchase of supplies with a check.
Answer the following statement true (T) or false (F)