A classified balance sheet: ()
A. Measures a company's ability to pay its bills on time.
B. Reports operating, investing, and financing activities.
C. Presents revenues, expenses, and net income.
D. Organizes assets and liabilities into important subgroups.
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The amount recorded for merchandise inventory includes all of the following except: ()
A. Purchase discounts.
B. Returns and allowances.
C. Freight costs paid by the buyer.
D. Freight costs paid by the seller.
Goods in transit are included in a purchaser's inventory: ()
At any time during transit.
B. When the purchaser is responsible for paying freight charges.
C. When the supplier is responsible for freight charges.
D. If the goods are shipped FOB destination.
The credit terms 2/10, n/30 is interpreted as: ()
A. 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days.
B. 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days.
C. 30% discount if paid within 2 days.
D. 30% discount if paid within 10 days.
Special journals allow an efficient division of labor, which is also an effective control procedure. ()
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