1. What is the difference between the operating cycle and cash cycle?
2. Macy sell $20000 worth of suits dec. 2015. customers charge all of the and pay for suits Jan 2016. Acrual accounting. How much in sales did Macy record?
3. Family market bought 1000 cases of beans that is still has in warehouse. Amount spent for beans would be recorded on family's 2015 inventory income statement as inventory expense ? true or false