If a company reporting on a calendar year basis, paid $18,000 cash on January 1 for one year of rent in advance (lease beginning January 1), and adjusting entries are made at the end of each month, the balance remaining in Prepaid Rent on December 1 should be $1,500.
Answer the following statement true (T) or false (F)
True
$18,000 × 1/12 = $1,500
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In general, revenue is recognized when:
A. it is received in cash. B. goods are shipped. C. it is recorded in the sales journal. D. an entity satisfies a performance obligation.
Only program unit header modifications require a recompilation of dependent objects.
Answer the following statement true (T) or false (F)
As firms simultaneously downsize and face the need for increased coordination across organizational boundaries, a control system based primarily on ________ is dysfunctional.
A. organizational loyalty B. boundaries and constraints C. culture and rewards D. innovation and risk taking
When an owner is unable to make mortgage payments, a lender may agree to a short sale.
Answer the following statement true (T) or false (F)