A Company Uses the Perpetual Inventory System and Recorded the Following

question 42

Multiple Choice

A company uses the perpetual inventory system and recorded the following entry:
$$\begin{array} { | l | r | r | } \hline \text { Accounts Payable } & 2,500 & \\\hline \text { Merchandise Inventory } & & 50 \\\hline \text { Cash } & & 2,450 \\\hline\end{array}$$
This entry reflects a:

• A) Purchase
• B) Return
• C) Sale
• D) Payment of the account payable and recognition of a cash discount taken
• E) Purchase and recognition of a cash discount taken

Understand the role of intuition in managerial decision-making.

Recognize the impact of diversity and corporate social responsibility on organizational practices.

Understand the basic principles of the market system and its advantages such as efficiency and economic freedom.

Identify the roles of households and businesses within the circular flow model.

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Definitions:

Population Growth

The increase in the number of individuals in a population, usually measured over a specific period and influenced by factors such as birth rates, death rates, and migration.

Expected Population

An estimation of a population size in the future based on current trends and changes.

GIC

Guaranteed Investment Certificate, a type of Canadian investment that offers a guaranteed rate of return over a fixed period.

Maturity Value

The total amount of principal and interest due to be paid at the end of a loan or investment period.