Which of the following is most relevant in determining whether an item is a necessary?
a. The contract price of the item
b. The fair market value of the item
c. Whether the item is provided by a commercial or non-commercial party
d. The minor’s age
b. The fair market value of the item
Business
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Leo buys 500 sheets of paper from a vendor for his printing firm. He is satisfied with the product, and he orders the same quantity from the same vendor every week. This is most likely an example of a _____
a. joint demand b. straight rebuy c. product exchange d. modified rebuy
Business
An adjusting entry that debits Accounts Receivable is an example of a(n) ________
A) deferred expense B) accrued revenue C) accrued expense D) deferred revenue
Business