A company sold merchandise for $1,000 on account with terms of 2/15, n/30. The company uses a perpetual inventory system. Defective merchandise of $200 was returned two days later
If the payment was received after 30 days, the journal entry to record the cash receipt will include ________.
A) a debit to Cash for $980 and a credit to Accounts Receivable for $980
B) a debit to Cash for $800 and a credit to Accounts Receivable for $800
C) a credit to Sales Revenue for $800 and a debit to Cash for $800
D) a credit to Cost of Goods Sold for $1,000 and a debit to Sales Revenue for $1,000
B
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Which of the following statements is true about the characteristics of real-time analysis?
a. With real-time analysis in place, there is no need for continual improvement and updating of indicators. b. It is a distinct technique because it specifically analyzes each transaction for correctness rather than for fraud. c. It does not allow real-time modification and deletion of less-effective indicators. d. Indicators are hard-coded into the system.
A retailer will have low asset turnover when it has _____
a. high debt b. a high profit margin c. inappropriate inventory d. high financial leverage
Companies with many employees rarely use a special payroll bank account from which to pay employees.
Answer the following statement true (T) or false (F)
If a business studied its promotional strategies by looking at sales trends and market research, it would be using direct feedback to evaluate its promotional strategies.
Answer the following statement true (T) or false (F)