WHICH IS TRUE OR FALSE? I. Play account is the account used to purchase expensive items for yourself.
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WHICH IS TRUE OR FALSE?
I. Play account is the account used to purchase expensive items for yourself.
II. Diversification is an approach to mitigate losses.
Step by step
Solved in 3 steps
- Which of these best explains fixed assets? a. Are expensive items bought for the business b. Are bought to be used in the business c. Are of long life and are not purchased specifically for resale d. Are items which will not wear out quicklyWhich of the following is not an example of a current asset? a. Cash b. Merchandising Inventory c. Prepaid Expenses d. Equipment e. SuppliesA business returns damaged goods which it had previously purchased on credit to the supplier. The effect of this transaction would be to: Decrease capital and decrease assets Decrease assets and decrease liabilities Increase capital and decrease assets Increase assets and increase liabilities
- When a company decides to sell its goods on credit, it should evaluate the effect on profit of Additional revenues Additional expenses a. Yes Yes b. Yes No c. No Yes d. No NoMake sure it is transferrable to excel. Do it nicely. 1. Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts ExpenseWhich of the following accounts is used in merchandising but not in service type of business? a. allowance for bad debts b. purchase discounts c. depreciation expense d. sales returns and allowances
- How much is the value of inventory loss?. Please show me the solution in good accounting from.Which business transaction will affect the quick ratio? a. Purchase a fixed asset with money borrowed long term b. Liquidate a temporary investment and put the money in a checking account c. Sell some inventory and use the cash immediately to buy a fixed asset d. Make a payment to a vendor on an account payableIf you were asked to lend money to your cousin’s clothing store to help her through a slow sales period, would you be more interested in looking at the current ratio or the quick ratio as a measure of liquidity? Why?
- Which of the following has a different effect on net profit than it does on cashflow? A.Cash sale to customer B.Payment for wages C.Payment for rent D.Depreciation of equipmentWhat is a question that should be asked about accounts payable when forecasting? a.) What are the costs associated with storing goods? b.) How much bad debt should be anticipated? c.) How much cash is needed on hand to meet current liabilities? d.) How quickly can we replenish goods?What does it mean when a company has a major expense? Like for example, "The major expense for Dollar Tree Inc. is called Cost of Goods Sold, which represents the cost of the goods Dollar Tree sold to it's customers". But isn't expense a cost, it decreases net income? I did not understand this statement.
