A disadvantage of using the gross price method to account for cash discounts extended by the seller to its customer is that
A) the method reports accounts receivable at the net realizable value.
B) the method overstates current sales and accounts receivable.
C) the method requires more bookkeeping than the net price method.
D) the method enables sales returns and allowances to be recorded at gross amounts.
B
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In a(n) ______________________________ billing system, invoices are prepared upon acceptance of the customer order
Fill in the blank(s) with correct word
If an idea is marked as being incomplete, what should happen to that idea?
A) It should be eliminated. B) It should be cited. C) It should be indicated as a personal point of view. D) It should be developed further.
Refer to the following selected financial information from Marston Company. Compute the company's days' sales uncollected for Year 2. (Use 365 days a year.) Year 2 Year 1 Accounts receivable, net86,500 82,750 Net sales723,000 693,000
A. 46.2. B. 85.4. C. 43.7. D. 43.9. E. 42.7.
You work for a school district as a facilities coordinator. You drive to the various schools in the district and supervise construction and remodeling and assess various building needs. When you are traveling around to the various schools, you use a district vehicle that is clearly marked as such. One day you stop at the country club and have lunch before heading to the next school since the
country club is on the way. You also stop at the bank drive-thru teller to do some personal banking business. Both the lunch and the bank stop are ethical breaches. Indicate whether the statement is true or false