Answer the following statements true (T) or false (F)
1. Revenue accounts are closed by crediting them and debiting Retained Earnings.
2. Expense accounts are closed by crediting them and debiting Retained Earnings.
3. Dividend accounts are closed by crediting them and debiting Retained Earnings.
4. The accounting cycle ends with the preparation of the adjusted trial balance.
5. With an accrued revenue, cash is received first and revenue is earned and recorded later.
6. With a deferred expense, an expense is incurred first and cash is paid later.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
6. FALSE
You might also like to view...
What are the benefits of a strong corporate image in the eyes of the company?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Fixed costs divided by contribution margin per unit equals the breakeven point in unit sales. 2. Fixed costs divided by the contribution margin ratio equals the breakeven point in sales dollars. 3. In a cost-volume-profit (CVP) graph, the breakeven point is where the sales revenue line intersects the fixed cost line. 4. The breakeven point is the point where the sales revenues are equal to the total variable costs plus the total fixed costs. 5. Sensitivity analysis allows managers to see how various business strategies will affect profit levels.
Which type of vertical marketing system (VMS) gives an organization more control over both supply sources and resale of its products, while at the same time increasing the organization's capital investment and its fixed costs?
A) administered B) contractual C) conventional D) corporate E) horizontal
Answer the following statements true (T) or false (F)
1. Workplace diversity can include cultural differences. 2. According to a Forbes article on the evolution of work, the future will of work has e- mail as the primary form of communication. 3. Incremental changes are typically swift and dramatic. 4. Proactive changes occur in response to some threat or opportunity. 5. Incremental change is evolutionary.