A trust is a:
a. form of property ownership created by the government that combines the legal and beneficial ownership of property
b. form of property ownership created by the tort law that separates the legal and beneficial ownership of property
c. form of property ownership created by the common law that combines the legal and beneficial ownership of property
d. form of property ownership created by the common law that prevents people from stealing inheritance money from their co-inheritors
e. none of the other choices are correct
e
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A culture in which the owner of a small business does not post regular business hours most likely has a ______ view of time.
a. laissez faire b. controlled c. polychronic d. monochronic
Which of the following is not an application of accrual accounting?
a. Recording advertising fees earned at the time the work is done b. Adjusting unearned advertising fees to the proper balance at the end of the month c. Recording advertising fees earned at the time the cash payment is received d. Recording telephone expense in the accounting period covered by the monthly bill
Portfolio investment is the purchase of sufficient stock in a firm to obtain significant management control.
Answer the following statement true (T) or false (F)
Medina Enterprises The following selected financial information is available for Medina for the year ended December 31, 2012. Net sales $450,000 Inventory, 1/1/12 $48,400 Cost of goods sold 299,500 Inventory, 12/31/12 49,670 Refer to the information provided for Medina Enterprises. What is the inventory turnover ratio for 2012?
A) 6.188 times B) 6.030 times C) 6.108 times D) 9.177 times