Business products are purchased to use either directly or indirectly in a production process.
Answer the following statement true (T) or false (F)
True
Business products are purchased to use either directly or indirectly in the production of another product. See 12-1: Product: It's Probably More Than You Thought
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Net income occurs when revenues exceed expenses.
Answer the following statement true (T) or false (F)
Firms that are temporarily short of cash and unable to borrow from usual sources can convert accounts receivable into cash by selling accounts receivable to a bank or financing company. This is called
a. assigning accounts receivable. b. pledging accounts receivable. c. factoring accounts receivable. d. transferring accounts receivable. e. none of the above.
Trade flows are good indicators of the magnitude of present sales.
Answer the following statement true (T) or false (F)
If a company resells treasury stock below the acquisition cost, a loss from the sale of treasury stock is recorded.
Answer the following statement true (T) or false (F)