The burden of proof required in a criminal case is
a. clear and convincing.
b. a preponderance of the evidence.
c. beyond a reasonable doubt.
d. highest degree of honesty.
c
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Jane and Joan decide to open a plumbing business. Both contribute money to the business, but
because Jane has expertise in plumbing, she makes all the management decisions. Joan will not participate in any of the day-to-day operations. Jane and Joan will split net income equally. This enterprise is: A) A partnership. B) Not a partnership because they do not share management responsibilities. C) Not a partnership because they do not co-own the business. D) Not a partnership because they are not carrying on a trade or business. E) Not a partnership because there is no association of two or more people.
Landon Jewelers uses the perpetual inventory system. On April 2, Landon sold merchandise with a cost of $3,500 for $8,000 to a customer on account with terms of 1/15, n/30. The journal entry to record the cost of goods sold would be:
A) Cost of Goods Sold 3,500 Accounts Receivable 3,500 B) Sales Revenue 3,500 Cost of Goods Sold 3,500 C) Cost of Goods Sold 3,500 Merchandise Inventory 3,500 D) Merchandise Inventory 3,500 Cost of Goods Sold 3,500
A continuous review system ______.
a. requires stringent monitoring of inventories because they have high value b. is best suited for the C category of items under the ABC classification scheme c. is also known as the annual inventory system d. is one where inventory replenishment is done annually