Determine which of the following statements about merchandise is correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Multiple Choice Question
Determine which of the following statements about merchandise is correct.
Merchandise is acquired for resale to customers.
Merchandise is acquired for use in the company, just like supplies.
Merchandise is considered an expense in the period it is purchased.
O Merchandise is sold by customers.
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Merchandise inventory: Merchandise inventory is the inventory purchased by company for the purpose of resale
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