Answer the following statements true (T) or false (F)
1) In general, to remain competitive in an industry, a low gross profit percentage is desired.
2) Under the new revenue recognition standards, companies are required to identify the performance obligations associated with each contract.
3) Under the new revenue recognition standards, companies recognize revenue when performance obligations associated with contracts are identified.
4) A retailer sells, for cash, a television set with a two-year service contract. The retailer initially records the cash received for the service contract as Unearned Revenue.
5) Revenue from contracts with multiple performance obligations is recognized as each performance obligation is satisfied.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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The strategic marketing planning process requires a careful assessment of market attractiveness and competitive position. Briefly describe what is involved in this assessment and identify three main factors for each
What will be an ideal response?
Little Company uses the cash basis of accounting. Little Company made $28,000 in payments to its suppliers during the year. Little's beginning inventory was $2,000, and its ending inventory was $1,000. In addition, Little had a beginning accounts payable of $7,000 and an ending accounts payable balance of $4,000. What is Little's cost of goods sold under the accrual basis of accounting?
A) $26,000 B) $30,000 C) $32,000 D) $37,000
Which of the following does NOT pertain to the spiral of silence theory of communication?
A) The silent majority fears becoming isolated from their colleagues. B) The silent majority can isolate others from communicating. C) The silent majority may go along with ideas they otherwise might not have believed. D) The effectiveness of communication depends on nonparticipation of a large majority.
When preparing your customized résumé, ________
A) begin with your name, address, telephone number, and e-mail address B) include a specific career objective C) place the most important information last where it can leave a lasting impression D) follow all these guidelines