Explain the usage of e-mail in today's context compared against what it was originally designed to accomplish.
What will be an ideal response?
E-mail was designed as an inexpensive, quick way to communicate via the World Wide Web. E-mail was not intended to replace formal written correspondence, although many organizations now use it to send things like attached correspondence and receipts and to notify customers of order status, to gather information needed to serve a customer, and for other business-related issues.
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On June 3, Win-Tel Company sold merchandize worth $800 on credit, terms 2/10, n/30 . The merchandize sold had cost $550 . The customer paid the amount on June 15 . What is the required journal entry to record the payment received under the periodic inventory system?
a. Accounts Receivable 784 Sales Discounts 16 Cash 800 b. Accounts Receivable 800 Cash 800 c. Cash 784 Sales Discounts 16 Accounts Receivable 800 d. Cash 800 Accounts Receivable 800
Which of the following is NOT correct?
a. International accounting standards for pensions (IAS 19) do not include any provisions for the recognition of an additional minimum liability. b. International accounting standards for pensions (IAS 19) do not allow for the recognition of a net pension asset in some circumstances. c. International accounting standard for pensions (IAS 19) include the same 10% corridor amount in calculating the amortization of deferred gains and losses as found in U.S. GAAP. d. International accounting standards for pensions (IAS 19) recognized pension gains and losses immediately as part of comprehensive income.
Transactions affecting owner's equity include
A) owner's investments and payment of liabilities B) owner's investments and owner's withdrawals, revenues, and expenses C) owner's investments, revenues, expenses, and collection of accounts receivable D) owner's withdrawals, revenues, expenses, and purchase of supplies on account
A Keogh plan may be established for
A) any market worker. B) only market workers already covered by a company-sponsored retirement plan. C) self-employed workers not already covered by a company-sponsored retirement plan. D) anyone earning at least a part of his or her income from self employment.