What are accounting reserves?
What will be an ideal response?
Accounting reserves are accounts created in a firm's financial reports to record foreseeable future expenses that might affect its operations.
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A company that uses the perpetual inventory system sold goods to a customer for cash for $3,500. The cost of the goods sold was $600. Which of the following journal entries correctly records this transaction?
A) Cost of Goods Sold 3,500 Sales Revenue 3,500 B) Cash 3,500 Sales Revenue 3,500 Cost of Goods Sold 600 Merchandise Inventory 600 C) Accounts Receivable 3,500 Cash 3,500 Cost of Goods Sold 600 Merchandise Inventory 600 D) Merchandise Inventory 3,500 Sales Revenue 3,500
The extent to which you believe you can rely on the other party to be truthful with you is known as the:
A. dilemma of disclosure B. dilemma of honesty C. dilemma of perception D. dilemma of trust