Which of the following is a current asset?
a. Building
b. Office supplies
c. Land
d. Truck
b
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Since partners' salaries are not treated as an expense of the partnership, it is not necessary to keep a salary expense account for each partner
a. True b. False Indicate whether the statement is true or false
Surplus Mining Company has leased a machine from Craft Machinery Company. The annual payments are $6,000 and the life of the lease is 8 years. It is estimated that the useful life of the machine is 9 years. How would Surplus Mining record the acquisition of the machine?
a. The machine would be recorded as an asset with a cost of $48,000. b. The company would not record the machine as an asset but would record rent expense of $6,000 per year. c. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years. d. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 9 years.
Accrued interest on notes payable is interest expense that has been incurred but not paid
Indicate whether the statement is true or false
Blogfix has a strict policy regarding tardiness and disciplines those who are consistently late for work. Blogfix employees are likely to accept this as fair because the policy applies to all staff at every level. The policy at Blogfix is an example of ______.
A. operational justice B. distributive justice C. procedural justice D. mechanical justice