Which of the following is an unconditional promise to pay? I will pay you :
A) on the earlier of March 1 or the day I sell my car
B) in two weeks if the goods are not defective.
C) upon the terms negotiated in the purchase agreement.
D) whenever I have sufficient funds in my account.
A
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Common allocation bases are
A. direct labor dollars, direct labor hours, and direct material dollars
B. direct labor dollars, direct labor hours, and machine hours
C. direct labor dollars, direct labor hours, and machine dollars
D. machine dollars, direct labor dollars, and direct labor hours
The list below contains several items that appear on a multi-step income statement. 1. Other incomes and expenses 2. Income before income taxes 3. Net income 4. Operating expenses 5. Gross margin 6. Net sales 7. Income from operations Select the choice that lists the items in the order they would appear on a multi-step income statement
A) 6, 5, 4, 7, 1, 2, 3 B) 7, 6, 1, 4, 2, 3, 5 C) 6, 5, 4, 1, 7, 2, 3 D) 6, 7, 4, 1, 2, 3, 5
At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by:
A. A net income of $4,950. B. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950. C. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable. D. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550. E. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.
In general, the least expensive source of capital is
A) debt. B) retained earnings. C) new common stock. D) preferred stock