Which of the following would appear on a selling and administrative expense budget, but would not appear on a schedule of cash payments for selling and administrative expenses?
A. Depreciation expense
B. Sales expense
C. Cost of goods sold
D. Salary expense
Answer: A
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What additional information is needed to find the rate of return on investment if income from operations is known?
A) Invested assets B) Residual income C) Direct expenses D) Sales
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An advantage of the fixed-period inventory system is that:
A) safety stock will be lower than it would be under a fixed-quantity inventory system. B) there is no physical count of inventory items when an item is withdrawn. C) no inventory records are required. D) orders usually are for smaller order quantities. E) the average inventory level is reduced.