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 Merchandise 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
D) there is no need to take a physical count of inventory
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Companies that export goods to one country cannot have a subsidiary in another country because of international trade agreements
Indicate whether the statement is true or false
Keep a list of ___________________________ so you can be consistent and so you can summarize for the writer the changes you routinely make
a. symbols you invent b. editorial progress c. who has proofread a document d. editorial or proofreading decisions
Unless an auction is advertised or announced as being without reserve, the sale is with reserve, and the auctioneer may withdraw the goods at any time until he announces completion of the sale
a. True b. False Indicate whether the statement is true or false
Parsley, a world-famous chef, signs a contract to give lessons in French cooking to Curry. Parsley wants to transfer his duties under the contract to Relish, the operator of a hot dog concession. The transfer is
A. valid because the performance required is of a nonpersonal nature. B. valid if Relish is a highly regarded vendor. C. not valid because performance depends on Parsley's personal skills. D. not valid if Curry does not hold Relish in high regard.