The courts consider oral agreements under $500 binding if:
A. the transaction is for services rendered.
B. the parties have previously done business together.
C. the new venture is incorporated.
D. the agreement is for less than one year.
Answer: D
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Negotiation is a process reserved only for the skilled diplomat, top salesperson, or ardent advocate for an organized lobby.
Answer the following statement true (T) or false (F)
______ communicate the company’s purpose as reflected by its members.
A. Mission statements B. Core values C. Codes of ethics D. Reporting and communications systems
A change in the estimated useful life of a building
a. is not allowed by generally accepted accounting principles. b. affects the depreciation on the building beginning with the year of the change. c. must be handled as a retroactive adjustment to all accounts affected, back to the year of the acquisition of the building. d. creates a new account to be recognized on the income statement reflecting the difference in net income up to the beginning of the year of the change.
The balance of the Unearned Fees account on the December 31, trial balance totals $48,000 . If only $5,000 of this total remains unearned, what will be the required adjusting entry?
a. Cash, debit, $43,000; Fees Earned, credit, $43,000. b. Unearned Fees, debit, $43,000; Fees Earned, credit, $43,000. c. Unearned Fees, debit, $48,000; Fees Earned, credit, $48,000. d. Unearned Fees, debit, $5,000; Fees Earned, credit, $5,000. e. Fees Earned, debit, $5,000; Unearned Fees, credit, $5,000.