U.S. GAAP does not allow sellers of merchandise to recognize revenue from sales when the customers have the right to return goods
a. unless the firm can reasonably estimate the amount of returns.
b. unless the firm uses an allowance method to do so.
c. unless the firm can reasonably estimate the amount of returns and uses an allowance method to do so.
d. none of the above.
e. all of the above.
C
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A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records
a. True b. False Indicate whether the statement is true or false
Garcia Manufacturing has two processes—Coloring and Mixing. The company assigned $390,000 to the 6000 gallons of paint transferred from Mixing Department to Finished Goods Inventory. The journal entry to record this assignment of cost is ________.
A) debit Work-in-Process Inventory—Mixing, $390,000; credit Finished Goods Inventory, $390,000 B) debit Finished Goods Inventory, $390,000; credit Cost of Goods Sold, $390,000 C) debit Cost of Goods Sold, $390,000; credit Finished Goods Inventory, $390,000 D) debit Finished Goods Inventory, $390,000; credit Work-in-Process Inventory—Mixing, $390,000
Franz is sending a résumé to an advertising agency that has advertised in his local newspaper for a copywriter. Which of the following would make the best closing sentence for the application letter?
a. "May I have an appointment with you on March 8?" b. "I hope you will consider me for the position of copywriter." c. "I would appreciate an opportunity to discuss how I can benefit Acme Corporation in the copywriter position." d. "You may call me at your earliest convenience at 616-555-0485."
The final section in most marketing plans is the
A. situation analysis. B. controls section. C. marketing strategy. D. executive summary. E. financial section.