The proper entry to establish a Petty Cash fund is to:
a. debit Petty Cash and credit Cash.
b. debit Petty Cash and credit Accounts Receivable.
c. debit Petty Cash Expense and credit Cash.
d. debit Cash and credit Petty Cash.
e. debit Cash and credit Petty Cash Expense.
a
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A _____ is a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill.
A. cash discount B. quantity discount C. functional discount D. seasonal discount
Prime costs consist of
a. direct materials and overhead. b. direct labor and overhead. c. direct labor and indirect labor. d. direct materials and direct labor.
Which of the following is an assumption of the economic order quantity model?
a. Lead time for the receipt of orders is constant and known. b. Quantity (or volume) discounts are available. c. Multiple products are involved. d. Demand is not known.
What was the amount of Fannie Mae's restatement of its revenue?
a. $125 million b. $90 million c. $115 million d. $6.3 billion