Using the accrual basis of accounting, when is revenue from the sale of merchandise normally recognized?
A) On the date the sale is made.
B) On the date the customer pays for the merchandise.
C) Either on the date on which the sale occurs, or the date on which the customer pays.
D) When the merchandise is sold, if sold for cash, or when payment is received, if sold on credit.
A
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Which of these three characteristics (I, II, and III) are required in order for a promised good or service to be considered distinct? Commercial substance Distinct within the context of the contract Capable of being distinct
A) I and II only B) I and III only C) II and III only D) I, II, and III
Process-focused facilities and repetitive facilities generate forward-looking schedules, but process-focused facilities do this with JIT and kanban while repetitive facilities generally use MRP
Indicate whether the statement is true or false
An Ishikawa diagram considers how many groups of causes?
a. 1 b. 2 c. 3 d. 4
(I) Firms and individuals use the capital markets for long-term investments
(II) Capital markets provide an alternative to investment in assets such as real estate and gold. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false.