Which of the following is a fixed asset?
A) land
B) accounts payable
C) accruals
D) notes payable
A
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Which of the following is a key element of internal control over cash payments?
A) periodically reconciling the cash account balance on the company's books to the bank statement balance B) making daily bank deposits C) requiring that all petty cash vouchers be approved by two signatures D) authorizing and verifying that all cash received is recorded daily
A nonprofit CEO and his staff are discussing the status of their nonprofit’s ability to achieve its mission. One staff member commented the organization has experienced a roller-coaster ride of ups and downs over the years and it may be time to change the organization’s processes. According to Andreasen, this nonprofit is in which stage of social change?
A. climbing the agenda B. discovery of the problem C. inattention to the problem D. reassessing and redirecting efforts
On January 1, Year 2 Boothe Company paid $12,000 cash to extend the useful life of a machine. Which of the following general journal entries would be required to recognize this expenditure?
A.
| Depreciation expense | 12,000 | |
| Cash | 12,000 |
B.
| Machine | 12,000 | |
| Cash | 12,000 |
C.
| Accumulated depreciation | 12,000 | |
| Cash | 12,000 |
D.
| Retained earnings | 12,000 | |
| Cash | 12,000 |
The degree of operating leverage can be measured by ________
A) dividing the contribution margin by operating income B) dividing the fixed costs by the sales price per unit C) multiplying the contribution margin by sales revenue D) dividing the fixed costs by contribution margin