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1)
If the _______________ is responsible for paying the freight, ownership of
merchandise inventory passes when goods are loaded on the transport vehicle.
2) A _____________________ shows the pay period dates, hours worked, gross pay,
deductions, and net pay of each employee for every pay period.
3) A standard that takes into account the reality that some loss usually occurs with any
process under normal application of the process is known as a __________________
standard.
4) Explain the concept of the future value of a single amount.
5) Explain the difference between revenue expenditures and capital expenditures and
how they are recorded in the accounting system.
6) What is managerial accounting and how is it used to aid decision makers?
7) Define the break-even point of a company.
8) Match the following terms to the appropriate definitions.
9) The accounts receivable turnover is calculated by dividing _________________ by
___________________.
10) A _______________________ incurs costs and generates revenues.
