Which of the following statements regarding the information disclosed in financial statements is incorrect?
A. Some information disclosed in financial statements may be irrelevant to some users.
B. Financial statements should be detailed enough to answer any financial-related question an investor might have.
C. The costs of providing all possible information about a firm would be prohibitively high for the business.
D. When too much information is presented users may suffer from information overload.
Answer: B
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Identify a list of 20 potentially weak words, phrases, clichés, buzzwords and jargon, and develop stronger, more meaningful alternatives for each
What will be an ideal response?
At Trader Joe’s, every employee from store clerk to vice president is expected to contribute ideas about how the store is run, and managers are expected to communicate to employees about the goals of the organization. What direction of communication is represented in the example?
A. downward and lateral B. upward and informal C. upward and downward D. lateral and upward
Which of the following is NOT one of the five needs in the hierarchy of needs theory of motivation?
a. social needs b. safety needs c. intrinsic needs d. esteem needs
On July 1, Ferguson Company sold merchandise in the amount of $5,800 to Tracey Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ferguson uses the perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise, which is not defective. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5 is:
A.
| Accounts receivable | 500 | |
| Sales returns and allowances | 500 |
B.
| Accounts receivable | 500 | |
| Sales returns and allowances | 500 | |
| Cost of goods sold | 350 | |
| Merchandise inventory | 350 |
C.
| Sales returns and allowances | 500 | |
| Accounts receivable | 500 | |
| Merchandise inventory | 350 | |
| Cost of goods sold | 350 |
D.
| Sales returns and allowances | 500 | |
| Accounts receivable | 500 |
E.
| Sales returns and allowances | 350 | |
| Accounts receivable | 350 |