Which of the following entities is part of the buying center?
A. Marketers
B. Users
C. Vendors
D. Distributors
E. Wholesalers
Answer: B
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Indicate whether the statement is true or false
U.S. GAAP requires the classification of
a. the receipt of cash from interest and dividend revenues as an operating activity and cash related to the purchase and sale of long-term investments in securities as an investing activity. b. both receipt of cash from interest and dividend revenues and cash related to the purchase and sale of investments in securities as an investing activity. c. both receipt of cash from interest and dividend revenues and cash related to the purchase and sale of long-term investments in securities as an operating activity. d. both receipt of cash from interest and dividend revenues and cash related to the purchase and sale of investments in securities as a financing activity. e. both receipt of cash from interest and dividend revenues and cash related to the purchase and sale of long-term investments in securities as an exchange activity.
During inflationary periods, an advantage of the LIFO inventory cost method is that it matches more recent costs against current revenues
Indicate whether the statement is true or false
MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:
A. Debit Cash $295.50 and credit Sales $295.50. B. Debit Cash $295.50; debit Credit Card Expense $4.50 and credit Sales $300. C. Debit Cash of $300 and credit Accounts Receivable $300. D. Debit Cash of $300 and credit Sales $300. E. Debit Accounts Receivable $300 and credit Sales $300.