Give an example of encapsulation in the real world
What will be an ideal response?
Driving a car needs a minimum amount of skill and attention, but you may serenely ignore how the engine works and how the wheels of the car respond to the signal of the steering wheel to turn left or right. In other words, encapsulation makes complexity manageable and safe. Without it, we would be overwhelmed with so many details that we cannot hope to control.
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Which of the following statements is false?
a. Purchase of equipment is an investing cash outflow. b. Sale of equipment creates investing cash outflow equal to its selling price. c. Purchase of short-term investments is an investing cash outflow. d. Purchase of a patent is an investing cash outflow.
Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. The journal entry to replenish the fund on January 31 is:
A. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Dr. Cash over and short, $8; Cr. Cash, $268. B. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Cr. Cash over and short, $8; Cr. Petty cash, $400. C. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Cr. Cash over and short, $8; Cr. Cash, $252. D. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Cr. Cash over and short, $8; Cr. Petty cash, $252. E. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Dr. Cash over and short, $8; Cr. Petty cash, $268.
Match each of the following items with the appropriate definitions.(A) Financing activities(B) Investing activities(C) Statement of cash flows(D) Indirect method(E) Direct method(F) Operating activities________ (1) A method of computing and reporting that involves adjusting net income by adding and subtracting items that that do not affect cash provided (used) by operating activities.________ (2) A financial statement that reports the cash inflows and cash outflows for an accounting period, and classifies those cash flows as operating, investing, or financing activities.________ (3) A method of computing and reporting the net cash provided (used) by operating activities that lists the major items of operating cash receipts, and then subtracts the major items of operating cash
payments.________ (4) Transactions that include purchasing and selling plant assets and investments in debt and equity securities.________ (5) Transactions with a company's owners and creditors that include obtaining cash from issuing debt and repaying the amounts borrowed, and distributing cash to owners.________ (6) Activities that involve the production or purchase of merchandise and the sale of goods or services to customers, including expenditures related to administering the business. What will be an ideal response?
Research has shown that people will lie for all of the following reasons except:
a. they have learned to lie through negative modeling. b. they have a habit of lying. c. they feel if they lie they won't get what they want. d. they fear punishment or adverse consequences.