Why do many firms no longer use a general journal? What has taken its place?
Many firms have replaced a traditional general journal with a journal voucher system. Each entry is documented on a prenumbered journal voucher which contains additional information, such as authorization, which enhances control. A voucher may contain information on a number of related transactions.
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All of the following are sources of retained earnings EXCEPT:
a. additional contributions of owners into a company b. adding new partners to bring in new capital c. floor planning d. earnings that owners leave in the firm as an additional investment e. stock issues to the general public
As of December 31, Year 1, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $18,000. The company uses a perpetual inventory system and sells merchandise for more than it cost. On January 1, Year 2, Gant issued common stock at par value for $10,000 cash. Which of the following statements is true?
A. Gant's current ratio will decrease. B. Gant's current ratio will increase. C. Gant's working capital will decrease. D. Gant's quick ratio will decrease.
Which of the following methods of variance analysis is the best indicator of how far off the budget a project will be at completion?
A. VAC B. TCPI C. EAC D. ETC E. BAC
Consumer satisfaction
A. depends on consumers' level of expectation. B. is the objective of all macro-marketing systems. C. is easy to measure because it is a highly personal concept. D. is a highly reliable standard for evaluating macro-marketing effectiveness. E. None of these answers is correct.