Creating your own vouchers may be desirable when you use cash to pay bills
Indicate whether the statement is true or false.
TRUE
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Ryan owns a department store called One Stop. He made an order of eggs from his usual wholesaler. The eggs arrived, but they were too old to be sold at the store. He rejected the goods and promptly notified the wholesaler. What are Ryan's responsibilities regarding the rejection of the spoiled goods?
A. Ryan must give sufficient notice to the seller who must personally come and collect the eggs. B. Ryan must follow the seller's instructions that concern the disposition of the eggs. C. Ryan need not state any reasons to the wholesaler for rejecting the eggs. D. Ryan must sell the eggs on the wholesaler's behalf but cannot retain profits or take a commission.
Use this information to answer the following question. Pinnacle Corporation has 90,000 shares of $10 par value common stock outstanding. The following transactions occurred during the year: Mar. 17 Declared a 10 percent stock dividend to stockholders of record on March 20. Market value of the stock was $22 on March 17. Mar. 30 Distributed the stock dividend. The entry to record the transaction of
March 30 is: A) Common Stock Distributable 90,000 Common Stock 90,000 B) Common Stock Distributable 90,000 Retained Earnings 108,000Common Stock 198,000 C) Common Stock Distributable 198,000 Common Stock 90,000Additional Paid-in Capital 108,000 D) Common Stock Distributable 90,000 Cash 90,000
Red Company created advertising copy for a client. Which of the following does not indicate that the transaction meets the SEC's four criteria for revenue recognition?
A) The company and the customer agree that the customer owes for the service. B) Both parties understand the price. C) The goods or services have been used to produce revenue. D) There is a reasonable expectation that the customer will pay the bill.
Multiple voting is an approach to:
a. democraticize the group creativity process. b. help select from many solutions generated by brainstorming. c. generate as many ideas as possible. d. generate high quality ideas.