Answer the following statements true (T) or false (F)
1. The Supplies account must be adjusted to reflect the supplies that were used during the period.
2. The adjusting journal entry to reflect $450 of supplies used during a period would include a debit to Supplies Expense and a credit to Cash.
3. Red's Rose Shop forgot to make the adjusting entry to account for $350 of supplies used during the period. This error would cause the net income to be overstated.
4. Land must be adjusted for depreciation at the end of the period.
5. Wages that have been accrued need to be recorded so that the matching principle is reflected in Wages Expense.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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The FTC:
a. and an advertiser can enter into a consent decree to force the advertiser to both stop the running of the advertisement and to publicly admit its advertisement was deceptive. b. can order a false or misleading advertisement to be stopped through a "cease and desist order," but cannot require the violator to correct its advertising. c. can fine an advertiser for running a misleading advertisement if it fails to comply with its order to "cease and desist." d. All of these are correct.
What does the E-SIGN Act provide?
A. Contracts delivered electronically are denied effect. B. Electronic records can be sent to consumers who make a purchase, without their specific consent to receiving the record. C. An e-signature is treated the same as a pen-inscribed signature. D. Only smart card verification creates a legally binding signature in cyberspace.
Mona is induced by her guardian Newt to sign a contract to invest her student loan funds in OmniBank through Newt's investment firm. Unknown to Mona, Newt realizes ongoing commissions from the investment. Most likely, Mona may A) not rescind the contract
B) rescind the contract on the basis of undue influence. C) rescind the contract on the basis of mistake. D) rescind the contract on the basis of unconscionability.
Madonna is a famous singer; as such, she may select to settle her estate through a trust because of which reason(s)?
A) Trusts are harder to challenge. B) Trusts reduce estate taxes. C) Trusts provide confidentiality. D) Trusts allow for professional management. E) All of the above