Failure to record the expired amount of prepaid rent expense would not
a. understate expense.
b. overstate net income.
c. overstate owners' equity.
d. understate liabilities.
D
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Cilca Corporation is a supplier to the pulp and paper industry. Selected financial information about Cilca is listed below: • Purchased real estate for $440,000 in cash. The cash was borrowed from a bank. • Sold investments for $400,000. • Paid dividends of $480,000. • Issued shares of common stock for $200,000. • Purchased machinery and equipment for $100,000 cash. • Paid $360,000 on
a bank loan. • Reduced accounts receivable by $80,000. • Increased accounts payable $160,000. Sales for the period were $450,000 Use the above information to calculate Cilca's: a. cash used or provided by operating activities b. cash used or provided by financing activities
Which of the following is NOT a benefit of a static budget performance report?
A) It is useful in evaluating a manager's effectiveness when actual sales approximate budgeted amounts. B) It is useful in evaluating a manager's control over fixed costs. C) It is useful in evaluating a manager's control over variable costs. D) It is useful in evaluating a manager's control over fixed selling and administrative expenses.
Although it is a negative approach, the "S-H-O-C" communications approach enables management to shock, hurt, ostracize, and criticize under-performing employees
Indicate whether the statement is true or false
When a note receivable from a maker is received to replace an account receivable, Notes Receivable is debited and Accounts Receivable is credited
Indicate whether the statement is true or false