An error in which the decimal point is misplaced – for example, when 274 is written as 2.74 – is an example of a:

The funeral home owner, Joe Smith, took $5,000 cash for personal use. What is the entry for this transaction?

UMMS Funeral Home purchased new equipment for $10,500 from Computer Supplies, Inc., to be paid in 30 days. Which of the following is correct?

On January 1st, UMMS Funeral Home paid $54,000 for six months’ rent, January through June. What is the adjustment amount for rent expense at the end of January?

UMMS Funeral Home paid $975 for a casket. We have it listed on our General Price List (GPL) for $1,975. The gross profit is _____________________. 

Vertical analysis of the income statement expresses each item as a percentage of the ______________________ for the respective year.

UMMS Funeral Home forgets to pay their quarterly taxes. What is the penalty enforced by the state of Minnesota?

Purchases is a temporary account classified as a _________________________ account.

An invoice that states “FOB Destination,” means the buyer is responsible for and assumes all risk of the shipped items once ________________________.

UMMS Funeral Home receives an invoice with terms 2/10, n/30, which means _______________________________.