The intangible asset most frequently reported by Canadian businesses is:

Multiple Choice

• goodwill.

• trademarks.

• patents.

• licensing rights.

A perpetual inventory system updates inventory records:

Multiple Choice

• only when an item is bought or sold.

• only when an item is bought or returned.

• only when an item is sold or returned.

• every time an item is bought, sold, or returned.

Perfect Painting Company, just recorded an adjusting journal entry for the current year's estimate of bad debts. Assuming all else is equal, this adjusting journal entry should cause:

Multiple Choice

• the receivables turnover ratio to increase.

• net income to increase.

• total assets to remain unchanged.

• sales revenues to decreas