Prepare the necessary journal entries to record the following transactions, assuming
Lewis Company uses a perpetual inventory system.
(a) Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost
(b) The customer in (a) returne
1) Accountants refer to an economic event as a
change in ownership.
2) Bookkeeping differs from accounting in that bookkeeping primarily involves which
part of the accounting process?
1- The accounting process involves all of the following except
a. identifying economic transactions that are relevant to the business.
b. communicating financial information to users by preparing financial
c. recording nonquant
Chapter 3 correction
A bank which operates exclusively over the internet is known as a _ bank.
A(n) _ can invest in corporate stock as well as loan money
to help finance the start of new ventures or support the expa
Company and Marketing Strategy: Partnering to Build Customer Relationships
Disney has been successful in selecting an overall company strategy for long-run
survival and growth called _.
a. tactical planning
b. strategic planni
Explain briefly the following terminologies: (LO 2)
Write an essay about the reasons for the regulation of banks by the
governments? (LO 2)
Write an essay about the Areas or Function
A new account is opened for each transaction entered into by a business firm.
The recording process becomes more efficient and informative if all transactions
are recorded in one account.
When the vo
Exam 1, Chapters 1 3
Multiple Choice Questions. (2 points each, 40 points in total) Read each question
carefully and indicate your answer by circling the letter preceding the one best answer.
1. Accounting information is used only by external users with a financial interest in a
2. The dividends account is a subdivision of the returned earnings account and appears as
an expense on th