The balances in the unadjusted columns of a work sheet will agree with:
A. the balances management budgeted for the accounting period.
B. whatever balances management has decided to report.
C. the balances in the company's post-closing trial balance.
D. the balances reflected in the company's unadjusted trial balance.
E. the balances reflected in the company's financial statements.
Answer: D
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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330 . The cost of merchandise purchased is equal to
a. $12,670 b. $9,070 c. $8,420 d. $17,230
Which of the following statements is correct regarding partnerships?
A) Accounting for a partnership is similar to accounting for a sole proprietorship. B) If the partnership assumes a liability related to an asset invested in the partnership, the asset is debited, the partner's capital account is credited and a liability account is credited. C) It is necessary to maintain separate Capital and Withdrawals accounts for each partner. D) All of these choices.
The inventory turnover ratio
a. measures management's ability to productively employ all of its resources. b. measures the efficient use of assets held for resale. c. is a stringent measure of liquidity. d. provides a measure of the strength of the sales mix the company currently employs.
Biff went to Carraba's Market to pick up a few items for dinner. It was a rainy, windy day, and the wind had blown water through the entrance to Carraba's each time the door opened. As Biff entered, he slipped and fell in the rainwater that had accumulated on the floor. Dorothea, the manager, knew of the weather conditions but had not posted any sign to warn customers of the water hazard. Biff injured his back as a result of the fall and sued Carraba's for damages, alleging negligence. Is Carraba's liable? Why or why not?
What will be an ideal response?