____________ inventory is extra inventory held in the event demand exceeds supply.
Fill in the blank(s) with the appropriate word(s).
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The desire to eat a Philly cheesesteak, whether or not you are in the position to buy one, is an example of a demand
Indicate whether the statement is true or false
Which of the following is not true regarding the Atlas conversion factor?
A. Incomes measured by the Atlas conversion factor are generally more stable over time. B. It is the arithmetic average of the current exchange rate and the exchange rates in the two preceding years, adjusted by the ratio of domestic inflation to the combined inflation rates of the euro zone, Japan, the United Kingdom, and the United States. C. It was developed to reduce the impact of inflation-based changes on GNI estimates. D. Dissatisfaction with both the PPP and conversions using official exchange rates caused the World Bank to adopt the Atlas methodology to derive per capita GNI estimates. E. Changes in income rankings are more likely to be due to relative economic performance than to fluctuations in the exchange rate.
Which of the following is the least risky for an importer?
A. Irrevocable letter of credit B. Bank collection time draft C. Open account D. Cash in advance
Paul's Landscaping purchased $500 of office supplies on credit. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Paul's Landscaping make to record this transaction?
A. Debit Office supplies expense, $500; credit Cash, $500. B. Debit Office supplies, $500; credit Accounts payable, $500. C. Debit Office supplies, $500; credit Cash, $500. D. Debit Cash, $500; credit Office supplies, $500. E. Debit Accounts payable, $500; credit Office supplies, $500.