If a company uses a periodic inventory system and receives a discount for early payment to the vendor, the company will record the cost reduction as:
a. a decrease to the Purchase Returns and Allowances account.
b. a decrease in Cost of Goods Sold.
c. an increase to the Purchase Discounts account.
d. an increase in Sales.
c
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Indicate whether the statement is true or false
On a bank reconciliation, deposits that were not entered by the bank before the bank statement was prepared are known as
a. NSF deposits; b. deposits in transit; c. outstanding deposits; d. postdated deposits; e. payables
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A) company's objectives and resources B) effectiveness of the suppliers C) flexibility of legal rules governing the business D) socioeconomic infrastructure E) global nature of the product
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Answer the following statement true (T) or false (F)