Selling a long-term asset is an example of:
A. Operating activity
B. Investing Activity
C. Financing Activity
D. non cash investing and financing activity
The accrual accounting term used to indicate recording an expense before paying cash for the item is
A. deferral
B. Accrual
C. Depreciation
D. prepayment
XYZ Company recorded the following events involving a recent merchandise purchase.
received goods for $50,000, terms 2/10, n/30
returned $1,000 of the shipment for credit due to damaged goods
Paid $1,500 for freight in
Paid the invoice with the discount period
As a result of these events, the company’s merchandise inventory
A. increased by $50,500
B. increased by $49,500
C. increased by $49, 470
D. increased by $49,520
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