Answer the following statements true (T) or false (F)
1. Installment Accounts Receivable are classified as non-current assets if the installment period is more than one year, even if the seller regularly offers customers such terms.
2. Companies can report credit card expense as a reduction in net sales or as a selling expense.
3. BizCom's customer, Redding, paid off an $8,300 balance on its account receivable. BizCom should record the transaction as a debit to Accounts Receivable—Redding and a credit to Cash.
4. The maturity date of a note refers to the date the note must be repaid.
5. A promissory note is a written promise to pay a specified amount of money either on demand or at a definite future date.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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Nexis Corp issues 1,000 shares of $15 par value common stock at $25 per share. When the transaction is recorded, credits are made to:
A) Common Stock $15,000 and Paid-in Capital in Excess of Par Value $10,000. B) Common Stock $25,000 and Retained Earnings $15,000. C) Common Stock $15,000 and Paid-in Capital in Excess of Stated Value $10,000. D) Common Stock $25,000.
Global legislative trends banning discrimination have required employers to institute policies that ensure fair treatment of all employees. Give an example of one such policy and discuss what an organization must consider when implementing the policy.
What will be an ideal response?
How do the two main types of technology relate to organizations day to day operation?
What will be an ideal response?
Which of the following is NOT contained in a typical time-phased budget?
A) Total expenses for each activity B) Total expenses for each time unit C) Cumulative expenses for each time unit D) Cumulative time for each expense