When merchandise is acquired on account and the perpetual system of inventory is used, the journal entry for the purchase would include
a. debiting Purchases and crediting Accounts Payable.
b. debiting Accounts Payable and crediting Merchandise Inventory.
c. debiting Merchandise Inventory and crediting Accounts Payable.
d. debiting Accounts Payable and crediting Purchases.
c
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In describing activities and achievements on your résumé, you should
A) use only mild exaggerations. B) include only what makes you a more attractive job candidate. C) use significant amounts of jargon and technical terms. D) leave out any awards you've won unless they are specifically relevant to your current career objective. E) omit any volunteer activities.
In order to be relevant, accounting information should have
A) timeliness B) verifiability C) confirmatory value D) All of these choices
Audit objectives for the database management system include all of the following except
a. verifying that the security group monitors and reports on fault tolerance violations b. confirming that backup procedures are adequate c. ensuring that authorized users access only those files they need to perform their duties d. verifying that unauthorized users cannot access data files
Which of the following is recorded in the cash payments journal?
A) adjusting entry for accrued salaries B) receipt of cash on supplies returned C) receipt of cash from services rendered D) payment of employees' salaries