Bias is the worst kind of forecasting error
Indicate whether the statement is true or false
TRUE
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The unadjusted trial balance and the adjustment data for Porter Business Institute are given below along with adjusting entry information. What is the impact on net income if these adjustments are not recorded? Show the calculation for net income without the adjustments and net income with the adjustments. Which one gives the most accurate net income? Which accounting principles are being violated if the adjustments are not made? Porter Business InstituteUnadjusted Trial BalanceDecember 31 (in millions)?Cash…………………………………………………. ?$ 58,000??Accounts receivable…………..………………59,000??Prepaid insurance …………………………...12,000??Equipment …………………………………….8,000??Accumulated
depreciation-equipment ……….. ??$ 2,000Buildings………………………………………...57,500??Accumulated depreciation-buildings…………..??17,500Land………………………………….55,000??Unearned rent…………………………………..??16,000Long-term notes payable……………………….??50,000Common stock……………………….??50,000Retained earnings ……………………………….??65,600Tuition fees earned ……………………….??74,000Training fees earned ………………………….??23,400Wages expense ……………………………………...32,000??Utilities expense …………………………….8,000??Property taxes expense …………………………5,000??Interest expense …………………………………….4,000?________Totals ………………………………………..$ 298,500 ?$298,500 Additional information items:a. The Prepaid Insurance account consists of a payment for a 1 year policy. An analysis of the insurance invoice indicates that one half of the policy has expired by the end of the December 31 year-end.b. A cash payment for space sublet for 8 months was received on July 1 and was credited to Unearned Rent.c. Accrued interest expense on the note payable of $1,000 has been incurred but not paid. What will be an ideal response?
The ________ is a quality control chart used to control the number of defects per unit of output
Fill in the blanks with correct word
Subrogation refers to the right of a co-surety to recover from the other co-sureties the amount paid above his or her proportionate share of a debt.
Answer the following statement true (T) or false (F)
Satisfaction with ________ reflects employees' feelings about their actual job tasks, including whether those tasks are challenging, interesting, respected, and make use of key skills rather than being dull, repetitive, and uncomfortable.
A. pay B. promotion C. the work itself D. coworkers E. supervision