The primary difference between a periodic and perpetual inventory system is that a
a. periodic system determines the inventory on hand only at the end of the accounting period
b. periodic system keeps a record showing the inventory on hand at all times
c. periodic system provides an easy means to determine inventory shrinkage
d. periodic system records the cost of the sale on the date the sale is made

A sales invoice included the following information: merchandise price, $4,000; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?
a. $3,400
b. $3,666
c. $3,366
d. $3,950

Which of the following items would affect the cost of merchandise inventory acquired during the period?
a. cash discounts
b. transportation-in
c. quantity discounts
d. All of these choices.

Under a perpetual inventory system
a. increases in inventory resulting from purchases are debited to Purchases
b. accounting records continuously disclose the amount of inventory
c. the purchase returns and allowances account is credited when goods are returned to vendors
d. there is no need for a year-end physical count
For the 1 one, a is correct, since under period system you will not how much inventory you have only at the end of the accounting period.
B is incorrect, since this system does not track change in inventory each time there is a change.
C is incorrect, since with periodic system it is not so easy to determine the exact shrinkage, since you will know only at the end of accounting period how much you have on hand and how much you have sold. Quantity sold also could include shrinkage and inventory stolen.
D is incorrect since periodic system does not record cost of goods sold at the moment of sale

For the second I would say, correct asnwer is b, i.e.
for transportation we get advance of 300$. Remaining amount of $4000 reduced by $600 and is 3400$. On this 1% of discount for early payment is applied, cash received is 3400-3400*0.01=3366

total amount of cash received is 300 3366=3666$

for the third I would say d is correct, since you have to take into account all the discounts and transportation costs in while calculating cost of inventory

for the last one b is correct, since accounting records will indicate inventory on hand at any time. Inventory count is still recommended

How can I move out from North Carolina to Boulder, Colorado and live on my own?

Assume I am moving out a year from now. And I am on my own:

1) Do I start making plans only after I get a job there?
2) Should I make the apartment rentals prior to my moving there?
3) I only have, say, $2000 in cash. Is that enough for the one-way flight, the apartment deposit and rent for the first two months?
4) If not how much would I need for a single bed room apartment?

I am 20 years old; male; and part-time physics major at a Tier 1 university.
1) Make plans now. Be realistic. Now is not the time for hoping your dream life drops onto your lap.
2) I would try an extended stay hotel for a week before renting anywhere.
3) Do the math, round up, and have extra for emergencies. You need money to eat and to travel as well.
4) Look, a cost of living calculator online: http://swz.salary.com/CostOfLivingWizard/layouthtmls/coll_metrodetail_217.html#moving

Maybe renting a room would be easier to begin with. Above all, do what you want to do, because it is your life.
1) better that way, otherwise u will run out of money and live in street
2) sure, if u can arrange that, otherwise u need to live in hotels or at a friends place
3) that could be tough, assuming that hte flight is $500, and the remaining amounts means to rent an apartment fo $500 a month. Tough to find one unless u dont mind living in a basement of a house. Besides, u need to pay for your food, and other living expenses

4) $600 to $1000 a month rental depending on locations
1,2,3,4……..pack your stuff , , move. I'd try to find a job first if possible, if you have graduated from school , if not you may have to wait until you get there. As for living accommodations, I'd not rent anything until I was there and could see it in person, I've stayed a couple of times in those rent by the week places when I moved to give me time to learn a bit about the area and find a place close to work/school.

Im starting a big business and i need some info on some good loan lenders and i mean big loan lenders
I am not sure how much money you need because big loans can mean different things to different people. Depending how much you need there are several resources you can go through. Most banks are still giving out loans and you might be able to get them through a few different banks. You can also try to get investors if you are unable to obtain large enough loans from lenders. For more specific information check out this link: http://www.score.org/small_biz_power_links.html#a_3. It is the small biz website and they have a ton of resources with the information you need.
Hello everyone I am Emily Jones I live in San Antonio Texas Us with my daughter Margaret, as a widow I was so much in short of cash to pay my bills and my daughter bills so I decided to get a loan from a bank but I don’t have the necessary document required by the bank so I decide to apply for loan on line through yahoo answer I got an answer from one Mr. Kelly and directed me to Mr. Harry White who is the managing of Harry White Loan Firm I apply for a loan to God be the glory I was given a loan by him. So if you want a loan and you are capable of paying back as at when due you can contact Mr. Harry White via email harrywhiteloanfirm60@yahoo.com and you will be glad.
Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution.

This guy said I did really good on the interview. The manager said he would hire me in two weeks and two weeks have past. He also said it depended on when the college kids were going back to school too. So I dont know will i get hired? thx for your time! I will be selecting a best answer too not just leave u guys hanging. ^_^
you should call and speak to the manager about it just politely tell him that you were interviewed two weeks ago and were wondering if the position was still open. it shows you are interested in the position and now just "looking" for a job so you can say you are job searching. Just make sure not to say anything like "well you said you'd let me know in two weeks and you didn't" because that might come off as a little rude.

I am very short on money right now and I am trying to save enough money so I can go to college. I really really need a job that pays good though. Do you guys know of well paying jobs I can get without a college education!!! Thank you so much anything will help
Hello this is a affiliate program any body could do it as long as you have internet.It is free to join Its not a scam. people really get paid. you are not going to get rich. And you will have to put some work in to it.
A temp service doing warehouse works pays well. It's not a great job but at least it pays. I did that for some time. It was marginally acceptable.

im doing an assignment on effectiveness and efficiency in a business, especially in management, and we have to use argue which is better in an essay format. we also have to use real life examples of business to support our arguments, so can anyone give me a link to an article or something that has a story of a business's performance relating to this topic?? please help!
You could use an example of an advertising campaign. A company could spends millions of dollars on commercials and billboards to get a product out there. That example would be effective, but not efficient. That same company could make a silly viral video and "leak" it for free on the internet or any number of guerilla marketing tactics. That would be efficient, but may not be totally effective.

In management it could be the difference between fixing a machine or replacing it. Good luck!

i want to start up a health care agency providing carers and support workers to people and organizations who need them. i am looking at starting with a staff of 6 carers and already have agreements with clients as i started looking for clients when i got the idea. i dnt feel i need a loan as i have saved enough for 3 months wages for the carers. i have the carers and have had them trained and they have all the necessary training and checks crb included.
what i want to know is can i register this as a sole trader since its a small business and or will i have to as a ltd company?
Ihave all the forms for Care Quality Commision filled and just need to know what would be the easiest way to get up and running.
Hello David

You could run your business as a sole trader but you might want to consider a limited company for the personal liability protection that if offers. If you work business to business it can help your 'cred' to be trading as a limited company. Businesses like dealing with other businesses.

You sound as if you've covered most things in your planning. The one thing you don't mention is insurance. Think carefully about the types of insurance you'll need - public liability, employers' liability and probably professional indemnity. Companies like AXA, which we've used for some time, are very good at going through exactly what's appropriate for your business.

Rebecca makes a good suggestion about speaking with Business Link. They'll be able to advise you of anything else you need to think about.

If you go down the route of setting up a limited company, you can have it formed on the same day, if you go to Companies House in London or Cardiff.

The slowest part of the process may be setting up your business bank account. If you already have a good relationship with your bank, approach them about opening a business account. They should be able to do that quite quickly. They'll ask you for your incorporation certificate if you're a limited company and they'll probably want to see some form of business plan. As you're not asking for finance, this doesn't have to be a complex document. Set out what you're going to do, who you'll do it for, how you'll reach them and what returns you'll get from it. Again, Business Link can help with the content of it.

Good luck!

Rosemary
you really have a lot to consider here, i'd strongly suggest speaking to a business link adviser (a free, but excellent service) http://www.businesslink.gov.uk/bdotg/action/directory?r.s=e&r.lc=en

best of luck with your business idea.
Rebecca

I'm 18 as of today. I went online to B.O.A and created a checking account. . .
It will be like any other checking account.
How can I build credit? What are other ways besides checking accounts that help build credit?

I want to get a contract phone. The phone I have right now is prepaid and not to mention a P.O.S. Since I don't have any credit, it would be required for me to pay $200-300 for a down payment on the contract phone… and I just don't have it…
opening up a checking card is good but to build credit you need to get a line of credit: credit card, car loans, etc.

Now a days it is harder to get a credit card so your best bet is to go to B of A and ask for a secured credit card and make sure that you dont spend more than 35% of your credit limit that they give you. Make sure that you pay it off every month and you are never late. If you can't pay off 100%, make sure you pay minimum 10% or higher. This takes time but you are still young… You continue to do this, you will have a great credit score and great credit history.

In the future you need to buy a home, you will need to show 4 lines of credit so make sure you have that.

ie: 1 car loan, 3 credit cards. Even if you dont use 2 of the credit cards, dont close them. Keep it. The one that you use, every year, ask for a credit limit increase. The hire you get to, the better it will be for you to purchase bigger things like a home.

Good Luck and be responsible!
Checking accounts do not build credit

Loans, credit cards and mortgages build credit.

If you do not have $200 to $300 for a down payment on a contract phone, you will not be getting it unless your parents cosign for you or get the contract in their name. Simple as that.

If you are a student you can try to get a student credit card, but most likely, you are going to have to settle for a secured credit card to start building a credit profile. That means you need at least a couple hundred to put in a savings account that will be your limit and collateral on the secured card.
Checking accounts do not build credit.

Your credit is built only by things that involve you owing money or being allowed to borrow money. Examples include credit cards, car loans, home loans, etc. If you have no credit, then you will not be able to obtain a loan. The only way for you to build credit is probably to deposit money at a bank that offers "secured" credit cards to depositors who have no credit, obtain a "secured" credit card from that bank, and be sure to make all required payments on that card on time. This will build your credit so that you can obtain regular (unsecured) cards or cell phone contracts (without deposits) later.
opening a chequing account doesn't help build credit because chequing / saving accounts are not credit products. and since they're not they don't do nothing.

however, it helps the bank determine your credibility when you have open chequing or savings account with them. Indicating you want a long-term banking relationship with them. generally they more likely to open a credit account with the individual when he has an open chequing account or something of that sort as compared to an individual that has no chequing account whatsoever.

start out with a credit card with any bank you want…capital one or whichever. pay it regularly, even if monthly payments and keep doing that for a long period of time. generally a score is generated in next 6 months to 1 year with that open credit card account.
A good way to build credit is to get a credit card. You will need someone with good credit to co-sign on the credit card. Be very careful with this card. You must keep track of your income and your credit card expenses so that you can pay off the balance in full when it comes due.

You do not want to get into the habit of just making the minimum payment every month. If you do that, you will have to pay interest. Once the minimum payment gets to be really high, you will be forced to make that minimum payment or your credit score will take a major hit.
First of all cell phone companies and bank accounts do not show on credit reports.

Second I must agree with the previous poster get a credit card, use the card to buy every day things, never exceed 30% of your credit limit in any given month and pay it off in full before the due date.
You build credit buy borrowing (car loan, credit cards) and then paying on time all the time. This is the only way to build credit. Put the cell phone on the credit card and pay like $50 a month on it.
happy birthdayyy!!!

Ok so im going to a high school who doesnt have a good tennis team. is it possible 1 person to improve a high school tennis team. and do u think if the tennis team sucks and 1 person is amazing is there a chance he will get a scholorship!?? please helpp!
I would think it would be hard to get a scholarship with that team,because you wouldn't have the opportunity to play as much.That team won't compete as much,they will be knocked out of competition.
And if you go into a school sport thinking you are amazing,then there is a chance you will be disappointed. Remember there is no I in team.
You have the opportunity to teach those players how to improve their game. Just playing and watching you,may help them to want to improve.They signed up for this sport for a reason. You just might be amazed yourself…

hi.. i have been on maternity leave since september 6th 2008, and i was entitled to 9 months pay, and 3 months unpaid.. but have until september 6 2009 to return to work (which make the 52weeks i was entitled to) … my question is, i am due back on september 6th.. not that far away… and instead of me just not turning up for work… should i return to work my weeks notice,?? if i do will i get paid for that weeks notice i have worked.. and my remaining holiday pay which is 116 hours !! almost 4 weeks pay that works out to be as i was contracted to 30 hours a week….. also, my other problem is.. as i stopped being paid after 9 motnhs, but i didnt want to return after the 9 months and i decided to live for these last 3 months on my savings, i rang my payroll, and asked to be paid all my remaining holiday hours.. i was only paid 45 hours.. the payroll administrator said this was because all i was entitlted to for that year as i havent worked it?? i dont understand !!! Does that eman if i return to work, i will not recieve the 116 holiday hours left, but i will jus get paid my weeks notice?? please help i am sooo baffled by this !!
not sure if you accrue holiday pay while on maternity leave but if you don't work your notice your not entitled to any holiday pay and you will probably have to pay back your maternity pay you need to check your companies policy before you make a decision contact your HR dept asap