If a government uses a perpetual inventory system for its General Fund and there is an inventory overage at the end of the year, the inventory asset account should
A. Be increased and the expenditure account decreased.
B. Be decreased and the expenditure account increased.
C. Remain the same. The expenditure account will be decreased, offset by an allowance for inventory overage account.
D. Remain the same. The expenditure account will be increased, offset by an allowance for inventory overage account.
A
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Mary has a little scam most everywhere she goes. She sells by saying anything. Her buyers just have woes. Which of the following is true with regard to misrepresentation?
A) There are several remedies available in case law for an exaggerated claim made by Mary. B) If Mary induces the buyer to buy by making a misrepresentation that she honestly thought was true, the buyer has no remedy in law or in equity. C) A misrepresentation can be made about a term of a contract and result in an award of rescission and/or damages. D) In some types of misrepresentation there are no remedies available. E) For fraudulent misrepresentation, the buyer can be granted the equitable remedy of only rescission.
The objective for managing inventory is to ________
A) turn over inventory as quickly as possible without losing sales from stockouts B) improve the average collection period without affecting the sales C) make payment for the inventory as slowly as possible without losing suppliers D) reduce the time taken to process inventory into finished goods and increase sales