The first step in the accounting record-keeping process is:
a. recording each transaction in a file or other record in the form of a journal entry.
b. posting the amounts from the journal entries to individual balance sheet and income statement accounts in a general ledger.
c. making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time.
d. preparing the income statement for the period from amounts in the income statement accounts.
e. preparing the balance sheet from amounts in the balance sheet accounts.
A
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A tool to evaluate the efficiency of a fund-raising effort is a ______.
A. bar chart B. linear equation C. covariate relationship D. cost-per-dollar-raised ratio
Under the ___________ plan, the EPA auctions a set number of sulfur dioxide emission allowances annually, with each allowance permitting one ton of emissions
a. allocation of resources b. tradeable permit c. green capitalism d. shareholder activism
The disadvantage of maintaining enough manufacturing capacity to meet demand in any period is
A) much of the expensive capacity would go unused during most months when demand was lower. B) the expensive capacity would be used consistently throughout the year. C) most of the expensive capacity would still be used during most months when demand was lower. D) very low inventory costs because no inventory needs to be carried from period to period.
Preferred stock which confers rights to prior periods' unpaid dividends even if they were not declared is called:
A. Noncumulative preferred stock. B. Participating preferred stock. C. Convertible preferred stock. D. Cumulative preferred stock. E. Callable preferred stock.