Payroll checks are typically drawn on
a. the regular checking account
b. a payroll imprest account
c. a wages payable account
d. petty cash
B
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A lease of goods is a transfer of the right to possess and use goods belonging to another.
Answer the following statement true (T) or false (F)
Which of the following would the auditor most likely do when testing the existence assertion for inventory?
a. Observe the client's count of the annual physical inventory and perform test counts. b. Review vendor invoices for the amounts recorded. c. Review open purchase orders at year end. d. Trace raw material purchases to invoices and to the general ledger.
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 2.5% charge on sales for using its card. On May 26, Brinker had $6600 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit?
A. Debit Cash $6435; debit Credit Card Expense $165; credit Sales $6600. B. Debit Accounts Receivable $6600; credit Sales $6600. C. Debit Cash $6765; credit Credit Card Expense $165; credit Sales $6600. D. Debit Accounts Receivable $6435; debit Credit Card Expense $165; credit Sales $6600. E. Debit Cash $6600; credit Sales $6600.
High school seniors who are trying to decide which college to attend and newlyweds looking to buy their first home exhibit the same behavior with respect to their level of involvement in their buying process. Which of the following best describes this common buying behavior?
A. Impulse buying behavior B. Reasoned purchasing behavior C. Extended problem-solving behavior D. Routinized response behavior E. Rationalized response behavior