The overall objective of financial reporting is to provide information
a. that is useful for decision making.
b. about an enterprise's assets, liabilities, and owners' equity.
c. about an enterprise's financial performance during a period.
d. that allows owners to assess management's performance.
A
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The physical count of inventory of a retailer was higher than shown in its perpetual records. Which of the following could explain the difference?
A. Inventory items had been counted but tags placed on the items had not been taken off the items and added to the inventory accumulation sheets. B. An item purchased "FOB shipping point" had not arrived at the date of the inventory count and had not been reflected in the perpetual records. C. No journal entry had been made on the retailer's books for several items returned to its suppliers. D. Credit memos for several items returned by customers had not been prepared.
According to a series of scientific studies, most managers spend the majority of their day:
a. Talking b. Listening c. Writing d. A and B e. B and C
A(n) ________ is an order by the drawer to the drawee bank to pay a specified sum of money from the drawer's checking account to the named payee (or holder)
A) ordinary check B) promissory note C) bill of exchange D) credit memo
As Kashi tries to decide how to introduce its new line of breakfast bars, it considers all the advantages and disadvantages of the various consumer sales promotion methods. After careful consideration, Kashi decides to use ____, which are the most widely used form of consumer sales promotion.
A. free samples B. rebates C. point-of-purchase displays D. coupons E. cents-off offers