The account to which the income summary account is closed is called
a. Revenue; b. Drawing; c. Capital; d. Cash; e. Cost
C
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Richard wants to know how his company handles late lunches but does not want to ask anyone. Instead, he watches others take late lunches and observes the manager’s reaction. Richard is
a. using surveillance. b. observing. c. spying. d. indirectly questioning.
How might power through the use of chronemics be displayed in the workplace?
What will be an ideal response?
In a guaranty situation, there is only one contract among three parties
Indicate whether the statement is true or false
Shannon has just become a partner in A & R Accounting Partnership. Her capital contribution is $10,000, which she paid from her savings. Shannon:
a. has no liability for partnership debts that existed at the time of her admission as a partner. b. is liable only to the extent of her capital contribution for partnership debts that occur after her admission as a partner. c. has unlimited personal liability for all partnership debts regardless of whether they were incurred before or after she became a partner. d. has unlimited personal liability for all partnership obligations that occur after she became a partner; she has liability to the extent of her capital contribution for obligations that existed at the time she became a partner.