False, they are meant to contain accidents if they happen. They are suuuuper important to have around though!!
The correct answer is D. Something of value that can be bought, sold, or traded
Explanation:
The word "commodity" is used in economics to refer to any good or product that has an economic value and due to this, can be part of the market. This means any commodity can be traded, sold, or bought. Moreover, this concept is mainly applied to raw materials such as coal, timber, or wheat that can be used to make other manufactured products such as plastics, furniture, or flour. According to this, the option that correctly describes the word commodity is option D.
Answer:
Ace records the purchase:
Inventory 3,700 Accounts payable 3,700
Explanation:
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $3,700.
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made. At that time of purchasing, the company has not sold the merchandise yet. The entry records the purchase:
Debit Inventory $3,700
Credit Accounts payable $3,700
Answer:
By Serving As A Tool For A Distributing Goods And Services.
Answer: Option B
Explanation: Safeguarding inventory refers to keeping proper records of inventory and protecting it from any kind of damage that may result in loss to the organisation.
The main objective behind safeguarding inventory is to minimize loss of the organisation that is keeping it.
In the given case, second option is the purchase return and it could not be considered a default of the purchaser of inventory.
Hence from the above we can conclude that the correct option is B.
