Which one of the following is the last step in the accounting cycle?
a. Journalizing business transactions
b. Recording and posting adjustments
c. Closing the accounts
d. Preparing financial statements
c
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Explain the main key points regarding asset and liability measurement made in SFAC No. 7.
What will be an ideal response?
Which of the following is true of rescission?
A) It is a court order compelling a party to perform in such a way as to meet the terms of the contract. B) It is sought by plaintiffs who wish to be in the position they were in before entering into the contract. C) It refers to the correction of terms in an agreement so that they reflect the true understanding of the parties. D) It is a temporary or permanent order of the court preventing a party to a contract from doing something.
Tristan has been calling on the same customer for years. He handles all of the company's orders and quickly resolves any issues that may come up. On occasion, Tristan takes some of the company employees out to dinner and has even given them tickets to local sporting events. Tristan is involved in
A. multi-level marketing. B. loyalty selling. C. public relations. D. relationship selling. E. publicity.
If Sunbelt Computers were to take out a short-term loan from Chase for $5 million and were required to keep $500,000 of that in its Chase account, this would be called a(n)
A. compensating balance. B. security deposit. C. commercial-paper arrangement. D. reserve requirement. E. insurance policy.