Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal?
a. A debit entry was recorded in the wrong account.
b. A debit was entered in an account as a credit.
c. The account balance was carried to the wrong column of the trial balance.
d. The balance of an account was incorrectly computed.
A
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Harry owns a Cadillac and a Porsche. Ryan has always wanted a Porsche and knows Harry owns one. Harry decides to sell his Cadillac and buy a BMW. A mutual friend of Ryan and Harry tells Ryan, "Harry's selling his car." Thinking Harry is selling the Porsche (he does not know he also has a Cadillac), Ryan calls Harry and says, "I'll give you $9,500 for your car." Harry, thinking Ryan is talking about the Cadillac, says, "You've got a deal." On what grounds is the above agreement open for rescission?
A. Mutual mistake B. Fraud C. Unilateral mistake D. Misrepresentation
Many organizations now use social networks to market their products, build awareness of their brands, and connect more fully with their consumers because of which external force for change?
A. customers demographic characteristics B. market changes C. social and political pressures D. technological advancements
Which of the following would be classified as an opportunity in a SWOT analysis of Fun Spot?
A) A rival amusement park announces plans to open three new rides next season. B) A new luxury hotel is being constructed in the area, with the aim of luring more high-spending families on vacation. C) Gail and Ron have paid off the mortgage on Fun Spot, significantly reducing their monthly expenses. D) Fun Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality at Fun Spot. E) Fun Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.
A company's total cost of FIFO inventory was $329,000 and its current replacement cost is $307,000. Under the lower cost or market, the amount reported should be $329,000.
Answer the following statement true (T) or false (F)