What is sometimes referred to as the fourth "R" of sustainability?
A) reclaim
B) recover
C) renew
D) improved reputation
E) reproduce
D
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If assets are $99,000 and liabilities are $32,000, then equity equals:
A. $99,000. B. $67,000. C. $198,000. D. $32,000. E. $131,000.
Which of the following is/are true?
a. Firms report accounts receivable they expect to collect within one year at the amount of cash the firms expect to receive. b. Both U.S. GAAP and IFRS require firms with significant uncollectible accounts receivable to estimate the amount of uncollectible accounts related to a particular period's sales and recognize that amount as bad debt expense in the same period as the related revenues. c. Firms typically use a contra account to accounts receivable, such as Allowance for Uncollectibles, to reflect the amount of accounts receivable they do not expect to collect. d. The entry to recognize estimated uncollectible amounts involves a debit to Bad Debt Expense and a credit to Allowance for Uncollectibles. e. all of the above
Assuming that the number of units produced is greater than the number of units sold, which of the following statements is true when comparing net operating income using absorption and variable costing?
A) Absorption costing will yield a higher net operating income. B) Variable costing will yield a higher net operating income. C) Net operating income will be the same under both methods. D) Sales revenue will be less using absorption costing.
When evaluating the six-step decision making process, what occurs during the solution selection step?
A. Definition of the problem as clearly and precisely as possible. B. Details of every solution possible including ideas that seem farfetched. C. The process will begin again if the decisions made were incorrect. D. The solution that best solves the problem is selected.