List and explain the nonfinancial resources that are crucial for the success of a business.
What will be an ideal response?
Nonfinancial resources include the following: legitimacy, which includes people's judgment of a company's acceptance, appropriateness, and desirability; networks, mainly in the form of social capital-being a part of a social network and having a good reputation; top management teams to ensure the business is operating at its best; advisory boards, which can help entrepreneurs learn the basics; and partners, who can help with accessing capital, spreading the workload, and sharing the risk and expertise.
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Which of the following is the most difficult to assign to specific time periods?
a. The incurrence of wages expense b. The accrual of interest c. The use of equipment d. The expiration of insurance
On January 1 . 2012 . Costas Co purchased a new machine for $1,250,000 . The new machine has an estimated useful life of five years and the salvage value was estimated to be $250,000 . Costas uses the sum-of-the-years'-digits method of depreciation. The amount of depreciation expense for 2014 is
a. $200,000. b. $250,000. c. $300,000 d. $416,667
Many firms provide similar types of airline services with similar types of assets. They each received unqualified opinions from their independent auditors. Yet, Flash Airlines appears to apply its accounting principles more aggressively in income-enhancing ways relative to its competitors. The choices for Flash Airlines in applying generally accepted accounting principles under the accrual basis
of accounting include: a. depreciable lives for buildings and equipment. b. estimated uncollectibles for accounts receivable. c. estimated warranty costs. d. all of the above. e. none of the above.
Have you completed all of your ________ yet?
A) homework B) home work C) homeworks D) home-works