Diversity training focuses on identifying and reducing hidden biases against people with differences.
Answer the following statement true (T) or false (F)
True
Diversity training refers to programs that focus on identifying and reducing hidden biases against people with differences and on developing the skills needed to manage a diversified workforce.
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Suppose a firm changes its credit policy from 2/10 net 30 to 3/10 net 30. The change is meant to meet competition, so no increase in sales is expected. The average accounts receivable balance will probably decline as a result of this change.
Answer the following statement true (T) or false (F)
Which of the following represents a liability?
a. The obligation to pay for goods that a company expects to order from suppliers next year. b. The obligation to provide goods that customers have ordered and paid for during the current year. c. The obligation to pay interest on a five-year note payable that was issued the last day of the current year. d. The obligation to distribute shares of a company's own common stock next year as a result of a stock dividend declared near the end of the current year.
Build-It ConstructionCompany contracts with Classic Beverage Corporation to build Classic Beverage's corporate headquarters.Build-It Construction contracts with Dependable Tools & MaterialsInc for construction supplies but refuses to pick up the order
Meanwhile, Classic Beverage hires Elmo, a certified public accountant, to work in its cost-accounting division as an employee, with no authority to hire or supervise others. Elmoasks Fayette, an outside experienced accountant, to advise him on certain accounting procedures but fails to pay Fayettefor the service. Classic Beverage also contracts with Gloria, a salesperson, to solicit orders for its products in a designated territory. Gloriaobtains an order from Highpoint Concessions, Inc, which is assured the order will be filled soon. But Gloriadoes not follow through with the paperwork and fails to submit the order to Classic Beverage. Highpoint Concessionssuffers a loss. Dependable Tools, Fayette, and Highpoint Concessionsclaim Classic Beverage is liable under agency law. Discuss fully whether an agency relationship was created by Classic Beverage with Build-It Construction, Elmo, or Gloria.
During the year, the Abbot Company had the following changes in account balances: 1) The Accumulated Depreciation account had a beginning balance of $25,000 and an ending balance of $35,000. The increase was due to depreciation expense.
2) The long-term Notes Payable account had a beginning balance of $40,000 and an ending balance of $15,000. The decrease was due to repayment of debt. 3) The Accounts Receivable account had a beginning balance of $60,000 and an ending balance of $50,000. 4) The Equipment account had a beginning balance of $25,000 and an ending balance of $92,500. The increase was due to the purchase of equipment for cash. 5) The Long-Term Investments account (marketable securities) had a beginning balance of $18,000 and an ending balance of $12,500. The decrease was due to the sale of investments at cost. 6) The amount of cash dividends declared and paid during the year was $22,000. 7) The Interest Payable account had a beginning balance of $2,250 and an ending balance of $1,250. Assume that a statement of cash flows has been prepared. The combination of the three major components (operating activities, investing activities, financing activities) equals the: A. Ending cash balance. B. Net income for the period. C. Change in the cash account balance between the beginning and end of the period. D. Amount of cash inflow for the period.