Answer the following statements true (T) or false (F)
Individuals accomplish more together than they can accomplish individuals due to synergy.
Ans: True
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A company with a low asset turnover uses its assets more productively than one with a high asset turnover
Indicate whether the statement is true or false
Which of the following are hallmarks of Erving Goffman’s ‘Total Institutions’?
a. Organizations that contain the totality of the lives of those who are their members b. Organizations that cut off their members from any wider society for a relatively long time c. Organizations that can be found, albeit in usually less extreme cases, in most ‘normal’ organizations d. All of the above
Economic cooperation often begins with a common market as in the case of the EU.
Answer the following statement true (T) or false (F)
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
B.
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
C.
| Cash | 3,920 | |
| Sales discounts | 80 | |
| Accounts receivable | 4,000 |
D.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |