Which of the following account groups are all considered nominal accounts?
A) Cash, Fees Earned, Unearned Revenues
B) Prepaid Expenses, Unearned Revenues, Fees Earned
C) Capital Account, Drawing Account, Income Summary
D) Drawing Account, Fees Earned, Rent Expense
D
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Which one of the accounts below would likely be included in an accrual adjusting entry?
A) Insurance Expense B) Prepaid Rent C) Interest Expense D) Unearned Rent
A professor photocopies fifty copies of a copyrighted chart to distribute to his students in class. This is a clear violation of the Copyright Act
a. True b. False Indicate whether the statement is true or false
A company had a gross profit of $300,000 based on sales of $400,000. Its cost of goods sold equals $700,000.
Answer the following statement true (T) or false (F)
In a franchise, which of the following is an advantage for a franchiser?
A. Brand recognition B. Share in national promotion C. Financial assistance D. Low operating costs