Which of the following is an example of an allowance?
A) a dividend paid to a single investor
B) a full refund given to a customer who returned his malfunctioning stereo
C) a store discount given to a customer who purchased a chipped mirror
D) a price paid for producing a certain amount of merchandise
E) a cost incurred for a specific operation of the business
Answer: C
Explanation: C) Allowances are partial refunds to customers for damaged products they choose to keep, not return.
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Mass customization is:
a. serving the mass market with standard products b. serving the mass market with products tailored to individuals c. serving different segments with the same product d. serving different segments with different products e. none of the above
The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable
Indicate whether the statement is true or false