Answer the following statements true (T) or false (F)
1. An imprest system is a way to account for petty cash by maintaining a constant balance in the petty cash account.
2. The imprest system requires that the petty cash box contain cash and petty cash tickets that total the amount of the imprest balance only at the end of each month.
3. The journal entry to replenish a petty cash fund includes a debit to the Petty Cash account and a credit to the proper expense account(s).
4. When replenishing the petty cash fund, the company debits the Petty Cash account and credits the Cash account.
5. When replenishing the petty cash fund, the company debits either the associated expense incurred or the asset purchased with the fund.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
5. TRUE
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Private branding refers to a branding strategy in which a firm ________.
A. produces products but sell them under the brand name of a wholesaler or retailer B. uses one name for all its products in a product class C. gives each product a distinct name when each brand is intended for a different market segment D. contractually, and for a fee, allows other firms to use its brand name, requiring that the product be made to its specifications E. uses different brand names for the same product across multiple countries
In which phase of the product life cycle are sales driven by the loyalty of a small group of customers?
A) growth B) introduction C) awareness D) maturity E) decline
Several people play an essential part in setting standards. Which of the following is incorrect as to setting standards?
A) Accountants expresses judgement in dollars and cents. B) Engineers identify material, labor, and machine requirements. C) Human resource managers provide personnel information. D) Quality managers provide quality measures that will be used to evaluate rejects.
A single set of facts may give rise to claims under more than one tort
a. True b. False Indicate whether the statement is true or false