What effects on a retail store's accounting equation occur when it records merchandise purchased for cash, assuming the use of a perpetual inventory system?

The accountant for the Fred Company did not record a purchase of merchandise on credit or include the items in the ending inventory. The effect of these omissions on assets, liabilities, and retained earnings would be (assume a periodic inventory system): Assets Liabilities Retained Earnings a. Understate Understate Understateb. Understate Understate No effectc. No effect Understate No effectd. Understate No effect Understate

Purchasing inventory on credit will result in the following changes to the business accounts: A.Increase one asset account and decrease another asset account B.decrease assets and decrease liabilities C.incease assets and decrease liabilities D.decrease assets amd decrease onwer's equity E.increase assets and increase onwer's equity

How do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c. With a goods-on-hand estimate from the Controller. d. With a physical inventory.   According to the Home Depot’s financial statement example provided by the author, which is the predominant method of inventory valuation used by the company? a. FIFO b. LIFO c. NRV d. LCM please provide me a coerrect answer explains tep by step

To determine cash payments for merchandise for the statement of cash flows using the direct method, a decrease in accounts payable is added to the cost of merchandise sold. Group of answer choices True False