The terms "progressive tax" and "flat tax" are synonymous.
Answer the following statement true (T) or false (F)
False
A proportional, not progressive, tax and flat tax are synonymous.
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Satisficing is the tendency of
A. people to view events as being more predictable than they really are. B. decision makers to be influenced by the way a situation or problem is presented to them. C. a group to settle on a decision that is "good enough." D. people to see events based on what has happened in the past. E. group members to agree for the sake of unanimity and thus avoid accurately assessing the decision situation.
The concept of ________ ethics states that the rightness of an action is determined by one's obligation to adhere to consistent principles, laws, and social standards that define what is right and wrong and where the line is.
Fill in the blank(s) with the appropriate word(s).
Mullis Company sold merchandise on account to a customer for $705, terms n/30. The journal entry to record this sale transaction would be:
A. Debit Cash of $705 and credit Accounts Receivable $705. B. Debit Accounts Receivable $705 and credit Cash $705. C. Debit Accounts Receivable $705 and credit Sales $705. D. Debit Sales $705 and credit Accounts Receivable $705. E. Debit Cash of $705 and credit Sales $705.
Reversing entries:
A. Will often result temporarily in abnormal account balances in some accounts. B. Are required only if the company uses accounting software to record journal entries. C. Are necessary when journal entries have been incorrectly recorded. D. Must be made before preparing the post-closing trial balance. E. Are a required step in the accounting cycle.