Which of the following statements is true?
a. If a debit entry is made to an account in the general journal, the same account will receive a credit entry when the amount is posted to the general ledger.
b. If all transactions are correctly posted to the general ledger, the sum of the accounts with debit balances should be equal to the sum of the accounts with credit balances.
c. Posting occurs when numbers in the general ledger accounts are transferred to the general journal.
d. If the sum of the debit balances equals the sum of the credit balances then there were no mistakes made in the posting process.
b
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Poole Company began business on January 1, 2015 . The corporate charter authorized issuance of 5,000 shares of $1 par value common stock, and 4,000 shares of $8 par value, 6% cumulative preferred stock. None of the preferred shares were issued. On July 1, Poole issued 1,000 shares of common stock in exchange for two years rent on a retail location. The cash rental price is $2,400 per month and
the rental period begins on July 1 . The correct entry to record the July 1 transaction will a. Increase Cash, $57,600; Decrease Prepaid Rent, $57,600 b. Increase Prepaid Rent, $57,600; Increase Common Stock, $57,600 c. Increase Prepaid Rent, $57,600? Increase Common Stock, $1,000? Increase Additional Paidin Capital—Common, $56,600 d. Increase Prepaid Rent, $57,600? Increase Common Stock, $5,000? Increase Additional Paidin Capital—Common, $52,600
Which of the following should NOT be reported retroactively?
a. Use of an unacceptable accounting principle, then changing to an acceptable accounting principle b. Correction of an overstatement of ending inventory made two years ago c. Use of an unrealistic accounting estimate, then changing to a realistic estimate d. Change from a good faith but erroneous estimate to a new estimate
What can teams do to prepare for conflicts?
What will be an ideal response?
You are the assistant to a state senator who needs to be updated on the day's events, but has limited time. On a ten-minute drive to the of?ce, you decide to organize the information ________ in case your time with the senator is cut short
A) By importance B) Spatially C) Chronologically D) All of the above