A firm's total equity is $10 million and total liabilities is $5 million. During the year, its sales equaled to $75 million. Based on the given information, the total assets turnover ratio of the firm is:
A. 10.5 times.
B. 13 times.
C. 15 times.
D. 7.5 times.
E. 5 times.
Answer: E
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Which of the following entries records the receipt of cash from patients on account?
A) Accounts Payable, debit; Fees Earned, credit B) Accounts Receivable, debit; Fees Earned, credit C) Accounts Receivable, debit; Cash, credit D) Cash, debit; Accounts Receivable, credit
Which of the following statements is true?
A) There will be many different jobs on a job-order cost sheet. B) Direct labor is allocated to jobs along with overhead. C) Work-in-process consists of all complete work. D) Time tickets are used to post the cost of direct labor to individual jobs. E) All of these are false.
Twenty years after you take this class you are successful and wealthy. Knowing that this class was the key to your success, you look up your old professor and send a letter saying, "Because you helped me so much, I am going to send you a check for $100,000." Later you come to your senses and do not send the check. Your old professor sues you for the money:
a. you have to pay; there is a valid contract b. you do not have to pay; the professor did not send a timely letter of acceptance c. you do not have to pay; there is a lack of consideration d. you do not have to pay; promissory estoppel applies e. you do not have to pay; you were legally insane
In the context of changes in a workplace, mergers and acquisitions are most likely classified as changes in
A. tasks. B. structure. C. technology. D. people.