Which of the following is an advantage of budgeting?
A) forces managers to plan
B) provides information useful for control
C) provides information for improved decision making
D) improves communication
E) all of these
E
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The journal entry for the receipt of a cash payment on common stock subscriptions would include
a. debiting Cash and crediting Common Stock Subscriptions Receivable; b. debiting Cash and crediting Common Stock Subscribed; c. debiting Common Stock and crediting Common Stock Subscriptions Receivable; d. debiting Common Stock Subscriptions Receivable and crediting Common Stock; e. debiting Common Stock and crediting Cash.
The cost of merchandise available for sale minus the value of ending inventory at cost equals the _____
a. gross profit b. cost of goods sold c. beginning inventory d. open-to-buy
Which one of the following transactions should be classified as a financing activity on the statement of cash flows?
A. Purchase of equipment. B. Sale of a long-term investment. C. Purchase of the company's own stock. D. Payment of interest to a lender.
Your college of business is sponsoring a case competition. All teams must watch the other teams compete. The order of presentation is by luck of a draw. The team that is the last to present left during one of the presentations, went to the computer room and redid its PowerPoint slides and restructured its presentation based on what other teams had presented. This team has done nothing wrong
Indicate whether the statement is true or false