Which of the following explains why there is no month

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Which of the following explains why there is no month-end posting to controlling accounts in a computerized accounting system? a. controlling accounts are the sum of the balances in the subsidiary b. when transactions are entered, they are posted immediately to all affected accounts c. the computer does not make posting and mathematical errors d. computerized accounting keeps a "running balance" on all accounts; therefore, posting is not necessary. A
A new curve to e-commerce is that C
Which one of the following is not a difference between a retail business and a service business?
C Multiple-step income statements show
Name: _____________________________________ Date: _________________ Second Midterm -- Chapters 5, 6 & 7 100 points Multiple Choice (1 points each) B Which of the following accounts has a normal debit balance? a. Accounts Payable c. Sales b. Sales Returns and Allowances d. Interest Revenue
Accounting 208 Evening Session, Spring 2009 Instructor: Allison 5 D
B Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on June 19. The credit period begins with what date?
B A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should the retailer debit to the Merchandise Inventory account?
D Merchandise with an invoice price of $5,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken? $4,900

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