Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $6000, cost of goods sold of $14,000, and ending inventory of $8000. How much inventory was purchased during the year?
A. $9000.
B. $16,000.
C. $12,000.
D. $10,000.
Answer: B
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A partnership is a:
A. limited association in which parties sign a contract expressing their intent to form the partnership. B. consensual association that requires the property used in the business be owned by it. C. voluntary and consensual association involving two or more persons. D. voluntary association formed by an express agreement.
After an accident with a vehicle licensed to Guardian Security Company, Heidi signs a covenant not to sue Guardian Security for damages in a tort action if it pays for the damage to her car. This covenant is A) a bar to recovery if Guardian Security pays
B) anaccord and satisfaction. C) ?barred by the preexisting duty rule. D) barred by the doctrine of promissory estoppel.
Which of the following was a major contributing factor in the conception of the marketing concept?
A. The Great Depression during the 1930s that made consumers reluctant to spend B. Unavailability of the overwhelming number of choices of products sold by marketers C. Marketers' attempt to provide goods and services that met customer needs D. Long-term customer relationships that gained momentum post World War II
Which of the following management tools is a key component of target costing?
A. Value engineering. B. Goal programming. C. Linear programming. D. Management simulation. E. Performance reporting systems.