A company uses the perpetual inventory system and recorded the following entry:Accounts Payable2,500 Merchandise Inventory 50Cash 2,450This entry reflects a:
A. Purchase of merchandise on credit.
B. Payment of the account payable less a 2% cash discount taken.
C. Payment of the account payable less a 1% cash discount taken.
D. Sale of merchandise on credit.
E. Return of merchandise.
Answer: B
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Answer the following statements true (T) or false (F)
1. The first step of the OD process is evaluation, which uses employee surveys, interviews, and observation to ascertain attitudes and problem areas. 2. In the OD process, feedback is used to refine the diagnosis. 3. Intervention is the treatment phase of OD in which problems are corrected. 4. Hard data about absenteeism, turnover, and profitability are used in the intervention stage of the OD process.
When special journals are used, a general journal is also needed
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Managerial accounting is used in manufacturing and merchandising companies, but not in service companies. 2. Managerial accounting can be used to calculate costs for service and merchandising companies. 3. Service companies do not have product costs, so they often consider all operating expenses as part of their cost of service. 4. A merchandiser does not need to calculate cost per unit because it resells goods that are already manufactured.
Zoning ordinances generally:
A) Restrict height, size, and location of buildings on a building site. B) Establish use districts within the municipality. C) Establish aesthetic requirements or limitations for the exterior of buildings. D) A and B only E) A, B, and C