Which of the following phrases explains the term covenant?
A. an unconditional promise to perform
B. a breach of contract
C. mutual rescission of a contract
D. successive assignments of a right
Answer: A
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Which statement about inventory costing methods is true?
a. All statements are true. b. During periods of rising prices, using FIFO offers an income tax savings. c. When LIFO is used during a period of rising prices, the company's gross profit will be higher. d. If the cost of units does not change, all three methods will yield the same results.
The Crown Howe accounting firm rents a skybox at Lucas Oil Field where the Indianapolis Colts plays their home games. The cost of the skybox for the season is $80,000 and includes 8 tickets to each game. The team plays 10 games a year at the arena. The most expensive non-luxury box seat is $200. After acquiring a new accounting client, the managing partner invites 5 business associates to watch a game in the firm skybox. What amount can Crown Howe deduct as an entertainment expense?
A. $0 B. $1,000 C. $1,200 D. $2,400 E. $4,400
Fine Art Salon and Spa recently hired Natalie as a receptionist. Her job mainly involves greeting customers, booking appointments, and connecting customer calls to the appropriate department. One of the walk-in customers asked Natalie to recommend a natural treatment to reduce the dryness on his skin. Natalie replied that he would have to wait to meet the spa manager, as this was not her job. How should the manager at the Spa react to Natalie's response?
A. The manager should ask Natalie not to interact with walk-in customers in any situation. B. The manager should be happy that Natalie is not deviating from the job description. C. The manager should train her so that she knows about the spa's products and how to sell them. D. The manager should demote Natalie to a much lower position. E. The manager should promote Natalie to the position of a customer service rep.
When paying a bill, QuickBooks automatically:
A. Reduces the liability (credit) and the checking account (debit) B. Records an expense (credit) and the obligation to pay later (debit) C. Records an expense (debit) and the obligation to pay later (credit) D. Reduces the liability (debit) and the checking account (credit)