In which type of buying situation would a supplier most likely focus on maintaining product and service quality? Why?
What will be an ideal response?
A supplier would focus on maintaining product and service quality in a straight rebuy because no new or modified purchases are required; the supplier's task is to keep the customer satisfied with the current procurement relationship.
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Arena, Inc uses straight-line depreciation for its equipment. Arena purchased equipment for $300,000 and estimated its useful life at 8 years. The bookkeeper failed to consider the residual value of $50,000 . What is the impact on earnings per share and operating income of failing to consider the residual value?
a. Earnings per share will be overstated and operating income will be understated. b. Earnings per share will be understated and operating income will be overstated. c. Both earnings per share and operating income will be overstated. d. Both earnings per share and operating income will be understated.
Most government employees do not have the right to strike, regardless of their reason for wanting to do so. Why are strikes generally prohibited in the public sector? (5 minutes)
What will be an ideal response?
An illusory promise is a contract into which both parties enter but in which ________ parties can choose not to perform their contractual obligations.
A. just one of the B. neither of C. one or both of the D. third
The business entity assumption:
A. Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods. B. Means that a business is accounted for separately from other business entities, including its owners. C. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. D. Means that we can express transactions and events in monetary, or money, units. E. Prescribes that a company record the expenses it incurred to generate the revenue reported.