Mark and Amanda Carter Own an Appliance Store and a Restaurant

question 122

Multiple Choice

Mark and Amanda Carter own an appliance store and a restaurant. The appliance store sells merchandise on a 12-month installment plan; the restaurant sells only for cash. (More than one of the following answers may be correct.)

• A) The appliance store has a longer operating cycle than the restaurant.
• B) The appliance store probably uses a perpetual inventory system, whereas the restaurant probably uses a periodic system.
• C) Both businesses require subsidiary ledgers for accounts receivable and inventory.
• D) Both businesses probably have subsidiary ledgers for accounts payable.

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