II. TRUE OR FALSE Direction s: Read each sentence carefully and determine whether the statement is TRUE or FALSE Write your answers on the space provided before each number. 1. Inventory is the most important asset of a merchandising finm. 2. The sales journal can be used to record sales with immediate cash payments. 3. Under the sale term /10, net 30, the discount is valid until the 10th day from the date of purchase. 4. Inventories are assets acquired which are held for sale in the ordinary course of the business. 5. Postings to the ledger shall be made on a chronological order. 6. Information in subsidiary ledgers may come from special journals or the general journal. 7. Paying freight on merchandise sold increases the business' total assets. 8. The purchase of merchandise will increase cost of goods sold under the periodic inventory system, regardless of whether the purchase wvas made on cash basis or on account

II. TRUE OR FALSE Direction s: Read each sentence carefully and determine whether the statement is TRUE or FALSE Write your answers on the space provided before each number. 1. Inventory is the most important asset of a merchandising finm. 2. The sales journal can be used to record sales with immediate cash payments. 3. Under the sale term /10, net 30, the discount is valid until the 10th day from the date of purchase. 4. Inventories are assets acquired which are held for sale in the ordinary course of the business. 5. Postings to the ledger shall be made on a chronological order. 6. Information in subsidiary ledgers may come from special journals or the general journal. 7. Paying freight on merchandise sold increases the business' total assets. 8. The purchase of merchandise will increase cost of goods sold under the periodic inventory system, regardless of whether the purchase wvas made on cash basis or on account

Name: II. TRUE OR FALSEDirections: Read each sentence carefully and determi
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Description: II. TRUE OR FALSEDirections: Read each sentence carefully and determine whether the statement is TRUE or FALSE Writeyour answers on the space provided before each number.1. liventory is the most importaní asset of a merchandising firm.2. The sales j

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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