Which of the following statements regarding scarce resources is true?
a. Selling a single product can create market saturation or company stagnation.
b. Determining the best use for a scarce resource requires management to identify company objectives.
c. Raw material and machine hours are both examples of scarce resources.
d. All of the above statements are true.
d
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When a subsequent event provides evidence about conditions that existed at the balance sheet date, what is the best course of action for the auditor to follow?
a. Assign a specialist. b. Ensure that the financial statements are adjusted to reflect the information, including any necessary footnote disclosures. c. Shop for an opinion that fits the desired type of event. d. Provide management with a new engagement letter to document the terms of the revised arrangement.
Triangle Company sold a product on credit for $2,235 to Hexagon Sales. The cost of goods sold was $1,324. Assuming Triangle is following a perpetual inventory system and using a sales journal, it will record $2,235 in the ________.
A) Accounts Receivable CR, Sales Revenue DR column B) Cost of Goods Sold DR, Merchandise Inventory CR column C) Merchandise Inventory DR, Cost of Goods Sold CR column D) Accounts Receivable DR, Sales Revenue CR column
The schedule of accounts payable is:
a. prepared daily. b. prepared weekly. c. prepared monthly. d. prepared semi-monthly
Based on Hofstede’s work, countries that have high individualism include ______.
a. Panama b. Ecuador *c. United States d. Columbia