False | |
Companies may sell merchandise in exchange for notes Receivable and record interest on them as well. Comment if you face any issues |
companies should not sell merchandise in exchange for notes receivable true or false
Notes receivable are similar to accounts receivable, but with shorter maturities. True or false?
True or False. A dishonoured note is removed from Notes Receivable, and the total amount due is recorded in Accounts Receivable. please explain.
true or false: for the EMH to be true, all investors should have enough wealth to buy and sell.
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True False Question 9 (2 points) The method that requires a physical counting of the inventory is called the specific identification inventory method. True False Question 10 (2 points) Under lower of cost or market, market refers to current replacement cost. True False Question 11 (2 points) Under the perpetual inventory system a sales transaction requires two journal entries. True False Question 12 (2 points)...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its net realizable value. 2. ____ Bad debt expense is reported on the balance sheet as a contra account to accounts receivable. 3. ____ The matching principle says that expenses should be recorded the same period as the revenues they help generate. 4. ____ Once an account has been written off, it can never be reinstated on the books, even if it is later collected....
All companies want to defer income taxes True or False True False
True/False Indicate whether the statement is true or false. 1. As we compare a merchandise business to a service business, the financial statement that changes the most is the Balance Sheet 2. An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information 3. Transactions must first be recorded into the general journal before they can be entered into specialized journals. 4. In the Merchandising Income Statement, sales will be reduced by...
Factoring provides cash to companies in exchange for the rights to cash that will be collected from their customers. a. True b. False
Most foreign exchange transactions involve U.S. dollars on one side. True or False True False
the exchange of inventory does not qualify for like kind exchange treatment true or false