_____________________________
_ are events that would have a positive impact on objectives.
Fill in the blank(s) with correct word
(
Q. 2) Baby Boutique had 150 worth of supplies on hand at the beginning of June. During June, the store paid 600 for more supplies. At the end of the month, a physical count showed 475 of supplies left.
How much supplies expense did Baby Boutique have during June?
What will be an ideal response?
(
Q. 3) The difference between an independent contractor and an employee is an important legal distinction.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) On December 12, Occident, Ltd., a company in Singapore, ordered merchandise from San Francisco Exports. The merchandise was shipped to Occident on December 29, FOB destination. The merchandise arrived at Occident's warehouse on February 1.
Occident paid for the merchandise on March 2. When should Occident record the purchase?
A) December 12
B) December 29
C) February 1
D) March 2
(
Q. 5) Under the LIFO inventory costing method, the most recent costs are assigned to ending inventory.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) When a company uses cash to purchase a machine, recording the purchase will ________.
A) decrease shareholders' equity
B) increase expenses
C) exchange one asset for another
D) increase assets, depreciation expense, and liabilities
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