A company using a periodic inventory system neglected to record a purchase of merchandise on account at year-end. This merchandise was omitted from the year-end physical count. How will these errors affect inventory at year-end and cost of goods sold for the year? Cost of Inventory Goods Sold
a. No effect Understate
b. Understate No effect
c. Understate Understate
d. No effect Overstate
B
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______________________ refers to the way that an organization formally arranges its various domestic and international units and activities, and the relationships among these various organizational components.
What will be an ideal response?
Match each term with the correct statement below.
a. demand deposit b. time deposit c. money market accounts d. reserve requirement e. open-market operations f. discount rate g. savings banks h. savings & loan associations 1. Depositor-owned financial institutions 2. Checks are one type of this 3. The Federal Reserve requirement that member banks maintain a certain percentage of their deposits on hand or on deposit in the Fed 4. The process of buying and selling government securities by the Fed 5. The interest rate the Fed charges member banks for loans 6. A financial institution that was originally formed to encourage family thrift and to loan funds for mortgages
Article III section 2 of the U.S. Constitution limits the power of the federal judiciary to cases or _____
Fill in the blanks with correct word
The statute of frauds covers ____________________[a number] major categories of contracts
Fill in the blank(s) with correct word