What amount will be recorded to the building account?
a. $24,000
b. $14,000
c. $40,000
d. $44,000
d
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Ralph, the manager of a busy hardware store, knows that he needs to entrust many of his tasks to managers and other employees. _____ is this process of assigning tasks to lower-level managers and employees. Ralph follows the 70% rule, which states that he should assign tasks to employees who can perform each task at least 70% as well as Ralph can.
A. Handing B. Outputting C. Span of control D. Delegation E. Accountability
To understand accounting information, users must be familiar with the accounting conventions, or rules of thumb, used in preparing financial statements
Indicate whether the statement is true or false
Which of the following would be treated as an extraordinary item?
a. Expropriation of an entity's operations in a foreign country b. The write-down of inventory due to obsolescence c. A loss resulting from a strike by workers against an entity d. The write-off of accounts receivable not expected to be collected
You are the salesperson of an FMCG company. One of your retailers tells you to take back some unsalable goods. You are not sure if the customer's claim is honest or not. You do not want to make the retailer unhappy as he brings you good business. How do you tackle this situation?
A. Ask the customer to avoid being dishonest. B. Return half the merchandise if the customer is correct. C. Apologize to the customer and inform him that you are not sure of his claim. D. Never return the goods if you are not sure that the customer's claim is true. E. Give the benefit of doubt to the customer and return the goods.