Two accounts that appear on the financial statements of a merchandising company but are NOT needed by a service company are:
A) cost of goods sold and depreciation.
B) cost of goods sold and net income.
C) cost of goods sold and inventory.
D) inventory and depreciation.
Correct Answer:
Verified
Q2: Under a perpetual inventory system,when a sale
Q3: In a perpetual inventory system,a business maintains
Q4: Freight in is accounted for as a
Q5: Which is the CORRECT order for items
Q6: The cost of inventory shifts from asset
Q7: Inventory is reported on the balance sheet
Q8: The cost of inventory that is still
Q9: Since a perpetual inventory system continuously updates
Q10: A periodic inventory system:
A)is used for inexpensive
Q11: Sales revenue is based on the _
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