Like other corporations, Supra Market Corporation can extend its operations through
A) a merger
B) a dissolution.
C) a termination.
D) a winding up.
A
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The journal entry a company uses to record partially funded pension rights for its salaried employees at the end ofthe year is
a. debit Salary Expense; credit Cash b. debit Pension Expense; credit Unfunded Pension Liability c. debit Pension Expense; credit Unfunded Pension Liability and Cash d. debit Pension Expense; credit Cash
If a buyer accepts a shipment of goods and later discovers a defect, acceptance can be revoked.
Answer the following statement true (T) or false (F)
What is management information system?
A. Any computer-based tool that people use to work with information and support the information and information-processing needs of an organization. B. The function of selling a good or service and focuses on increasing customer sales, which increases company revenues. C. The function that plans for develops implements and maintains IT hardware, software and applications that people use to support the goals of an organization. D. Includes the methods, tasks and techniques organizations use to produce goods and services.
During 2017, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. For consolidation reporting purposes, when is the $14,000 intra-entity gross profit recognized?
A. When Lord pays Von for the goods. B. When goods are transferred to a third party by Lord. C. When Von sold the goods to Lord. D. When Lord receives the goods. E. No gain can be recognized since the transfer was between related parties.