Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called
a. the cost of goods sold.
b. the physical inventory.
c. freight-in.
d. accumulated depreciation.
b
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One of the benefits of marketing research that it reduces the uncertainty under which managers make decisions.
Answer the following statement true (T) or false (F)
Morris Company established a petty cash fund with a $400 balance. Which of the following statements is incorrect?
A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $400. B) There is no net effect on current assets. C) The sum of the cash plus the total of the petty cash tickets should equal $400 at all times. D) The petty cash custodian cashes a check for $400 and places the currency in the petty cash fund box.
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Indicate whether the statement is true or false