Explain the recording and posting processes.
What will be an ideal response?
Information from business transactions and events is recorded in the journal in the form
of journal entries. The journal entries include the date, the account titles, and debit and credit
amounts. Journal entries may also include a further description of the transaction. During the
posting process the debit and credit amounts recorded in the journal are transferred to the
individual accounts in the ledger.
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When a buyer receives information that is inconsistent with his or her beliefs, the buyer may distort the information to bring it more in line with those beliefs.
Answer the following statement true (T) or false (F)
The term decision support system is a very specific term that implies the same tool, system, and development approach to most developers
Indicate whether the statement is true or false
________ processes collect, store, and distribute products to buyers
A) Sales and marketing B) Outbound logistics C) Service D) Operations
A company had sales revenue of $900,000 for the year. In addition, the following information is available related to the cost of the units sold: Total purchase cost$480,000 Freight charges 10,000 Purchase discounts 25,000 Purchase returns 50,000 Operating expenses 200,000 For what amount would the company report gross profit?
A. $410,000. B. $485,000. C. $420,000. D. $285,000.