List the three key benefits companies get from preparing a budget.
What will be an ideal response?
Ans:
1. The Budget promotes coordination and communication
2. The budget forces managers to plan
3. The budget provides a benchmark
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Deposits in transit are deposits made and recorded by the depositor, but not yet recorded on the bank statement.
Answer the following statement true (T) or false (F)
Define capital budgeting.
What will be an ideal response?
Mendon took her diamond ring to a jeweler to have it resized and arranged to pick it up in three days. When she returned, she discovered that a salesperson had sold her ring to a customer who was looking for a used diamond. To legally reclaim the ring from the customer, Mendon would need to prove that the
a. customer was not satisfied with the ring. b. salesperson was dishonest. c. customer did not purchase the ring in good faith. d. customer failed to inform the salesperson that the ring was not for resale.
Intoxicated, Clio agrees to sell her restaurant, Diners Café, to Evan for half of its real market value. This deal is most likely void if A) Clio appeared intoxicated to Evan
B) ?Clio disaffirms the contract after becoming sober. C) ?Clio was so intoxicated as to have no memory of the deal. D) Evan fraudulently induced Clio to become intoxicated.