A firm classifies liabilities which fall due after the operating cycle, usually greater than one year, as
a. a current liability.
b. a long-term asset.
c. a noncurrent liability.
d. part of shareholders' equity.
e. contingent liability.
C
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The Gulf States Section, PGA, Inc v. Whitney National Bank of New Orleans case addressed liability on a negotiable instrument
a. based on fraud. b. based on negligence. c. as an accommodation party. d. as a signer.
An improvement index indicates:
A) whether a method other than the stepping-stone should be used. B) whether a method other than the northwest-corner rule should be used. C) how much total cost would increase or decrease if a single unit was reallocated to that cell. D) whether the transportation cost in the upper left-hand corner of a cell is optimal. E) how much total cost would increase or decrease if the largest possible quantity were reallocated to that cell.
A business uses a credit to record:
A. A decrease in a common stock account. B. A decrease in a revenue account. C. A decrease in an unearned revenue account. D. An increase in an expense account. E. A decrease in an asset account.
Answer the following statement(s) true (T) or false (F)
1. An apparent agency can be created by the actions of an apparent agent alone, without any action by the principal. 2. The doctrine of respondeat superior applies to the relationship between an employer and employee and not to the relationship between an employer and an independent contractor. 3. Under the doctrine of respondeat superior, an agent is not responsible for torts committed while working for an employer. 4. Partners act as agents for the partnership and the other partners.