Answer:
1. The first statement is false, since there are more middle customers than final consumers in a business. Middle customers are those entities that used the purchased product as a raw material for a further process or directly sell that to some other entity.
2. Manufacturers and developers are producers and sometimes customers for some other entity from which they are procuring raw materials from. Hence,false.
3. B2B refers to the business to business transaction in which one organisation purchase goods from other organisation for not final consumption. Hence the statement is true.
4. The given statement is true as these are the buyers who purchase a product for some further use.
Answer:
C Liabilities are understated, and net income is overstated.
Explanation:
To accrue for interest expense, the required entries are;
Debit Interest expense (p/l)
Credit Accrued Interest (B/s)
Being entries to recognize accrued interest expense.
If this is not posted, liabilities and expenses for the period would be understated. As such, net income would be overstated.
Hence the right answer is C Liabilities are understated, and net income is overstated.
Answer:
Bank Statements.
Payroll Reports.
Invoices.
Leases & Contracts.
Check Registers.
Purchase Orders.
Deposit Slips – not included on a bank statement.
Check Copies – not included on a bank statement
Explanation:
False should be the answer
A. Rent for a warehouse
Hope this helped. Good luck!
