Juan has an accounting philosophy according to which he keeps the loans borrowed from the business separate from the loans he takes from banks for his own purposes. Which of the following basic accounting concepts is reflected in Juan's accounting philosophy?
A. The going concern expectation
B. The business entity idea
C. The revenue and expense premise
D. The accounting equation
Answer: B
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Who has the main responsibility of developing a formal discipline process for the workplace?
A. the human resource department B. the sales force C. arbitrators D. outplacement counselors E. the legal department
The proper sequence for the steps in the accounting cycle is a follows
A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries,
To achieve its basic mission of promoting international economic cooperation and stable growth, the International Monetary Fund (IMF):
A. increases jobs from foreign companies. B. lends money to member nations. C. monitors provisions of the GATT agreements. D. protects domestic jobs in key industries.
Kesselring Corporation makes one product and has provided the following information to help prepare the master budget for the next three months of operations: Budgeted unit sales (all on credit): July8,400August8,800September12,200? Raw materials requirement per unit of output 4poundsRaw materials cost$3.00per poundDirect labor requirement per unit of output 2.8direct labor-hoursDirect labor wage rate$18.00per direct labor-hourPredetermined overhead rate (all variable)$11.00per direct labor-hour?The ending finished goods inventory should equal 40% of the following month's sales. The budgeted finished goods inventory balance at the end of August is closest to:
A. $150,304 B. $304,512 C. $358,192 D. $454,816