When recording the sale of merchandise inventory, using a periodic inventory system, ________.
A) a running record of merchandise inventory is maintained during the accounting period
B) the Sales Revenue account is credited only as an adjusting entry because sales information is not needed during the accounting period
C) sales discounts are not recorded
D) there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts
D) there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts
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The establishment of a petty cash fund has no effect on the company's total cash balance
a. True b. False Indicate whether the statement is true or false
The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. Checks are signed by designated officers in the finance department
a. Adheres to sound internal control procedures b. Violates sound internal control procedures c. Neither strengthens nor violates internal control
If consumers were largely indifferent to a $0.5 increase in the price of a gallon of milk, the price rise is said to fall within customers' ________
A) price indifference band B) experience curve C) arm's-length price D) learning curve E) net price index
In a balanced transportation model, supply equals demand such that all constraints can be treated as equalities
Indicate whether this statement is true or false.