Which of the following will NOT understate liabilities?
a. Understate accounts payable
b. Understate accrued liabilities
c. Recognize earned revenue as unearned revenue
d. Underrecord future obligations
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct. Recognizing earned revenue as unearned revenue will overstate liabilities.
d. Incorrect.
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A 15% change in sales will result in a 15% change in net income
a. True b. False Indicate whether the statement is true or false
Which one of the following statements about empowered organizations and their relationship to political game playing is emphasized in your textbook?
a. Empowered organizations provide new means of control and foster more subversive forms of political game playing b. Empowered organizations make the everyday use of negotiations and games of power more difficult c. Empowered organizations are a myth, and the management/subordinate distinction is as pervasive and strong as ever d. None of the above
Seth told the salesperson at Outdoor Times that he wanted the sleeping bag that was advertised in the Sunday paper; one that would keep him comfortable if the temperature drops to 10 degrees Fahrenheit. The salesperson told Seth they were sold out of that bag, but there were two other styles that would meet his needs and were the same price. Seth insisted he wanted the advertised bag and
threatened to sue for breach of contract. Which is true? a. Outdoor Times is guilty of "bait and swap.". b. Seth will prevail in his case, as Outdoor Times is responsible for having sufficient stock of advertised items. c. Seth will not prevail, as the advertisement was simply a request for offers. d. Outdoor Times must provide Seth with a raincheck, ensuring he can buy the same bag at the sales price at a later date.
In a limited partnership, general partners are not personally responsible for debts of the organization
Indicate whether the statement is true or false