A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year? ()
A. $75.
B. $125.
C. $250
D. $175.
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Good internal control dictates that a person who controls an asset also maintains that asset's accounting records. ()
Liquidity refers to a company's ability to pay its near-term obligations. ()
Generally accepted accounting principles require that the inventory of a company be reported at ()
A. Market value.
B. Historical cost.
C. Replacement cost.
D. Lower of cost or market.
A debit: ()
Always increases an account.
B. Is the left-hand side of a T-account.
C. Always decreases an account.
D. Is the right-hand side of a T-account.