If a customer is given an allowance for damaged goods,
a. Cash is debited; b. Sales Returns and Allowances is debited; c. Accounts Receivable is debited; d. Sales is debited; e. Sales is credited
B
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Which of the following is not a main provision of the Foreign Corrupt Practices Act of 1977 (FCPA)?
a. No U.S. person or companies that have securities listed on U.S. markets may make a payment to a foreign official for the purpose of obtaining or retaining business. b. Companies that have securities listed on U.S. markets must make and keep financial records that accurately and fairly reflect the transactions of the company. c. Designing and maintaining internal accounting controls is the role of internal auditors when management conducts business in a foreign country. d. Certain payments made to an official to expedite the performance of the duties that the official would already be bound to perform are acceptable.
When a firm reacquires common shares under the Cost Method:
a. the Treasury Stock—Common account has a debit balance and therefore reduces total shareholders' equity. b. the accountant debits the Treasury Stock—Common account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. c. the accountant debits the Common Stock account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. d. the Treasury Stock—Common account has a credit balance and therefore reduces total shareholders' equity. e. the accountant credits the Common Stock account for the par value of the repurchased shares, credits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price.
Melissa is a senior accountant at a consulting firm. She brings to her manager's notice the considerable amount of time that is wasted when accounting tasks are performed manually, and proposes that the department automates these tasks. Melissa's accounting department is in need of a(n) ________.
A. network connection B. firmware C. system software D. application software E. operating system
What would you pay for a stock whose price you estimate will be $50 in 10 years and you wish to earn a return on the investment of 9% per year?
Ignore brokerage commissions and tax implications and assume the stock pays no dividends during the holding period. A) $45 B) $41 C) $21.10 D) $15