Julia was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Julia had also bought tickets to an Ariana Grande concert and new clothes to wear to the concert. The money spent on Julia's rent, car, electric, and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.
A. disposable income; savings
B. gross income; disposable income
C. disposable income; net income
D. disposable income; discretionary income
E. gross income; savings income
Answer: D
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What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is $3,250?
A. Debit Insurance Expense, $7,750; credit Prepaid Insurance, $7,750. B. Debit Cash, $7,750; Credit Prepaid Insurance, $7,750. C. Debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500. D. Debit Insurance Expense, $3,250; credit Prepaid Insurance, $3,250. E. Debit Prepaid Insurance, $4,500; credit Insurance Expense, $4,500.
Which of the following is most likely done by managers, when actual costs of a product exceed expected costs?
A) Increase the selling price of the product B) Adjust planning and decision-making strategies C) Increase the sales of the product D) Change the product costing system used
What journal entry format is appropriate if sales returns and allowances occur on factored accounts?
A. Sales Returns and Allowances XX Receivable from Factor XX B. Receivable from Factor XX Factoring Expense XX C. Sales Returns and Allowances XX Factoring Expense XX D. Factoring Expense XX Sales Returns and Allowances XX
Which of the following would be a legal defense to a charge of discrimination under Title VII?
A) Discrimination based on merit B) Discrimination based on a bona fide occupational qualification C) Discrimination based on seniority D) A, B, and C E) B and C only