The usual starting point in the budgeting process is a plan showing the planned sales units and the revenue expected from these sales. This plan is called the:
A. Income statement budget.
B. Business plan.
C. Merchandise purchases budget.
D. Operating budget.
E. Sales budget.
Answer: E
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Which of the following statements is not accurate with respect to accounting for other post-retirement plan benefits (OPEB)?
A. A decrease in the discount rate assumption used may lead to a large gain for a company. B. A company which shifts its former salaried employees from its post-65 retiree health plan to spending accounts that allow participants to buy health care from private exchanges creates a reduction in earned benefits referred to as a negative plan amendment. C. The actuarially determined service cost of the plan is accrued over the required years of service to participate in the postretirement benefit plan (e.g. 10 years). D. Firms are required to make sensitivity disclosures regarding the effect of a 1% increase or decrease in the health care trend rate assumption.
Some of the steps in the accounting cycle are listed below. Select the choice that places these steps in the correct order. 1 . Close the accounts. 2 . Post transactions to accounts in the ledger. 3 . Journalize daily transactions. 4 . Record and post adjustments. 5 . Prepare financial statements
a. 2, 3, 4, 5, 1 b. 3, 2, 4, 5, 1 c. 3, 2, 4, 1, 5 d. 3, 2, 5, 4, 1
Taylor is excited and a little tentative about the new plan for improvement that her boss just explained. She thinks that she can really make a difference in her company, but worries that she might not be able to meet the sales goal that has been set. Taylor is feeling which factors associated with psychological empowerment?
A. high impact and low competence B. high self-determination and low meaningfulness C. both high self-determination and competence D. low impact and high competence
Accounting for capital leases can be thought of as similar to accounting for mortgage payments
Indicate whether the statement is true or false