A T-account is a device or convention for organizing and accumulating the accounting entries of transactions that affect an individual account. Which of the following is/are true?
a. Increases in assets appear on the left side, and decreases in assets appear on the right side of T-accounts.
b. Increases in liabilities appear on the right side, and decreases in liabilities appear on the left side of T-accounts.
c. Increases in shareholders' equity appear on the right side, and decreases in shareholders' equity appear on the left side of T-accounts.
d. All of the above are true.
e. None of the above are true.
D
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Failure to record inventory in the proper period can affect all of the following accounts except:
A. prepaid Expenses. B. sales. C. receivables. D. cost of Goods Sold.
Kutlow, Inc had cost of goods sold of $112,000 for the year ended December 31, 20x8. The Finished Goods Inventory on January 1, 20x8 was $28,000 and the Finished Goods Inventory on December 31, 20x8 was $17,000. What was the amount of Cost of Goods Manufactured for the year?
A) $129,000 B) $101,000 C) $67,000 D) $113,000
A proactive, integrated approach to atmospherics by a retailer is referred to as _____
a. aesthetics b. visual merchandising c. goodwill d. retail image
Common performance measures used by retailers are sales revenues, gross margin percentages, markdown percentages, and financial ratios
Indicate whether the statement is true or false