In a global context, ________ include the rules, policies, and enforcement processes that influence the behavior of individuals and organizations within a country
A) physical forces
B) institutional forces
C) sociocultural forces
D) technological forces
Answer: B
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What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is $3,250?
A. Debit Insurance Expense, $7,750; credit Prepaid Insurance, $7,750. B. Debit Cash, $7,750; Credit Prepaid Insurance, $7,750. C. Debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500. D. Debit Insurance Expense, $3,250; credit Prepaid Insurance, $3,250. E. Debit Prepaid Insurance, $4,500; credit Insurance Expense, $4,500.
When purchases are recorded at net amounts, any discounts lost as a result of late payments are reported as an expense.
Answer the following statement true (T) or false (F)
Which of the following is not true of accounting principles?
A) Financial accountants follow generally accepted accounting principles (GAAP). B) Following GAAP allows accounting information users to compare one company to another. C) A new accounting principle can be adopted with stockholders approval. D) The Financial Accounting Standards Board (FASB) has primary responsibility for developing accounting principles. E) Accounting principles develop from research, accepted accounting practices, and pronouncements of authoritative bodies.
The five principles of ethical leadership can be traced back to ______.
A. King George III B. Aristotle C. Julius Caesar D. Christopher Columbus