Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific date?
A. Balance sheet.
B. Statement of owner's equity.
C. Statement of cash flows.
D. Income statement.
A. Balance sheet.
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Lance had a two-year lease with Lisa. At the end of the two years, Lance stayed in the leased
premises and kept making his rent payments. Lisa consented to this arrangement. This arrangement is best described as a: A) Tenancy at will. B) Periodic tenancy. C) Tenancy at sufferance. D) Tenancy for years.
The General Electric "strategic planning grid" relies on subjective judgments about business strengths and industry attractiveness.
Answer the following statement true (T) or false (F)
Which of the following statements is true of sole proprietors?
A. They mostly pay high salaries and substantial perks to their employees. B. Their death or retirement does not legally cease the company from existing. C. They often must perform tasks in areas where they lack expertise. D. Their earnings are taxed only as income of the company.
Apparent authority can arise where there is an undisclosed principal as well as where the principal is disclosed
Indicate whether the statement is true or false