Adjusting entries are a. made whenever management desires to change an account balance. b. not necessary if the accounting system is operating properly. c. usually required before financial statements are prepared. d. made to balance sheet accounts only.

Abigail spent $100 on a new edition of the personal finance textbook rather than $75 for a used copy. the additional cost for the new copy is called the

Avx home entertainment, inc., recently began a “no-hassles” return policy. a sample of 500 customers who recently returned items showed 400 thought the policy was fair, 32 thought it took too long to complete the transaction, and the rest had no opinion. on the basis of this information, make an inference about customer reaction to the new policy. (round your answers to 1 decimal place.)

Goods and services that can be used for the same purpose are and goods and services that are used together are