Decision making under certainty is used to choose an alternative when we have probability information for each state of nature
Indicate whether the statement is true or false
FALSE
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Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts?
a. Purchases b. Purchases Returns and Allowances c. Freight-In d. Supplies
Which of the following accounts would appear on an adjusted trial balance but probably would not appear on a trial balance?
A) Supplies Expense B) Accounts Payable C) Service Revenue D) Cash
Amanda ordered fifty personalized sweatshirts from King Manufacturing Company. After the shirts were specially imprinted, but before they were mailed, Amanda called King Manufacturing to disavow the contract. The next day the sweatshirts were stolen. In this case:
a. Amanda must pay the entire purchase price, because she breached the contract. b. King Manufacturing will have to bear the entire loss, because it had not yet mailed the shirts. c. Amanda must bear the entire loss, because the shirts were identified to the contract. d. King must first seek payment from its insurance carrier, and then collect from Amanda for any amount not covered by insurance.
Trade credit can be separated into two components: free trade credit, which is credit received after the discount period ends, and costly trade credit, which is the cost of discounts not taken.
Answer the following statement true (T) or false (F)