Which of the following statements about revenues and expenses is correct?
A. Revenues and expenses are considered assets and liabilities, respectively.
B. Expenses decrease the amount of stockholders' equity.
C. Both revenues and expenses typically have credit balances.
D. Revenue is the same as cash.
Answer: B
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Bargaining impasse occurs when:
A. either party to negotiations violates the NLRA. B. bargaining partners fail to agree on mutually acceptable terms of employment. C. bargaining partners engage in concession bargaining. D. a new contract is not agreed upon before the old contract expires.
Which of the following situations might require a progress report?
A) The work of a committee preparing for an open house when a new wing of a hospital is completed B) The reporting of monthly sales figures for all divisions C) A study of whether a company should provide on-site childcare D) A one-page summary of a long article in The Wall Street Journal
A company's cash sales for May are $300,000, its accounts receivable payments for May are $200,000, its beginning cash for May is $50,000, and there are no other cash inflows for May
Its accounts payable payments for May are $250,000, its wages and salaries for May are $100,000, its interest payments for May are $50,000, and there are no other outflows for May. What is the company's ending cash balance for May? What will be an ideal response?
Which of the following would be a "defect" for purposes of 402A?
A) Failure to warn not to put a hair dryer in water B) Food package that permits tampering C) A bolt on a car steering column that comes loose with slight vibrations D) All of the above