What is the purpose of the asset valuation reserve?
A) To absorb losses arising from sales of assets for less than their cost (capital losses)
B) To absorb losses arising from the insolvency of debtors (credit losses)
C) To absorb losses caused by changes (increases) in interest rates on government securities
D) To absorb losses caused by guaranty fund assessments made against insurer assets
A
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Which of the following is an input measure of a salesperson's success?
A) volume of sales B) number of orders C) number of sales calls D) customer satisfaction E) level of repeat business
The keyword DEFAULT can be used in place of the := symbol to assign initial values to the variables within the declaration statement.
Answer the following statement true (T) or false (F)
Annie's Catering received $1200 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that Annie's Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Accounts Receivable | 1200? | |
| Catering Revenue | 1200? |
B.
| Cash | 1200? | |
| Catering Revenue | 1200? |
C.
| Cash | 1200? | |
| Unearned Catering Revenue | 1200? |
D.
| Unearned Catering Revenue | 1200? | |
| Catering Revenue | 1200? |
E.
| Cash | 1200? | |
| Accounts Receivable | 1200? |
Ralph is a professional football player. He signs a valid contract with the Jets. Later, the Giants offer him more money, so he signs a contract with them. If the Jets sue Ralph, what would the most likely result be?
A) The court will order Ralph to play with the Jets. B) The court will order Ralph to play with the Jets, but Ralph is entitled to be paid the amount he negotiated under the Giants contract. C) The court will issue a preliminary injunction barring Ralph from playing with any team other than the Jets during the course of the lawsuit. D) The court will order Ralph to pay compensatory damages in the amount of the difference between the two contracts.