An overstatement of ending merchandise inventory in the current period results in an overstatement of net income in the current period
Indicate whether the statement is true or false
TRUE
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On July 1, 2016, Falcon Company received a $20,000 promissory note for services from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2017. The effect on Falcon's financial statements on July 1, 2016 is as follows
a. Assets increase; owners' equity increases b. Assets decrease and owners' equity decreases c. Assets decrease d. No net change in assets
Which of the following is true of the Revised Uniform Partnership Act?
A) It does not provide protection for the limited liability partner. B) It has been adopted by all states of the United States. C) It stipulates that no two partners can have equal share of the profits. D) It states that a partnership need not dissolve just because a partner leaves.
How would the marketing industry use business intelligence?
A. Predict hardware failures. B. Predict sales, inventory levels, and distribution. C. Track crime patterns, locations, and criminal behavior. D. Analyze customer demographics.
An advertising platform should consist of issues that are important to consumers. Selling features should be important to consumers and should be features that
A. competitive products lack. B. can be seen easily in a photograph. C. are familiar concepts to those in the target market. D. competitive products have as well. E. are reasonably inexpensive to develop.