A salesperson selling ________ to ________ would most likely have the most extensive product knowledge.
A. computers; small businesses
B. televisions; consumers
C. rocket components; engineers
D. jewelry; retailers
E. skis; consumers
Answer: C
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The last stage in the new-product development process is ________
A) commercialization B) business analysis C) idea generation D) concept testing E) product concept development
Answer the following statements true (T) or false (F)
Previous accounting standards have used a revenue-expense approach to pension accounting, which emphasizes the recognition and measurement of annual pension cost.
For the year ended December 31, a company has revenues of $330,000 and expenses of $202,500. The company paid $55,200 in dividends during the year. The balance in the Retained earnings account before closing is $94,000. Which of the following entries would be used to close the dividends account?
A. Debit Dividends $55,200; credit Retained earnings $55,200. B. Debit Income Summary $94,000, credit Dividends $94,000. C. Debit Retained earnings $94,000; credit Income Summary $94,000. D. Debit Retained earnings $55,200; credit Dividends $55,200. E. Debit Income Summary $55,200; credit Retained earnings $55,200.
Manhattan Company recorded an adjusting entry to accrue interest owed of $1300 as of December 31, Year 1. When the related note was paid during Year 2, the company paid $2450 in interest. Which of the following journal entries correctly records this Year 2 transaction? (Assume that the entry to record the payment of the note itself was recorded in a separate journal entry.)
A.
| Interest expense | 2450? | |
| Cash | 1300? | |
| Interest payable | 1150? |
B.
| Interest expense | 1150? | |
| Interest payable | 1300? | |
| Cash | 2450? |
C.
| Interest expense | 2450? | |
| Cash | 2450? |
D.
| Interest expense | 1150? | |
| Cash | 1150? |