Which of the following is true regarding the general journal?
A) It keeps up to date records of all customers and suppliers.
B) It helps divide up accounting tasks.
C) It helps prevent errors.
D) It helps control the spending of the organization.
C
You might also like to view...
The Michael Painting Company has purchased paint from several suppliers. The purchase price per gallon and the number of gallons purchased are shown below. Supplier Price Per Gallon ($) Number of Gallons A 23 700 B 25 200 C 29 100 D 27 200 Compute the weighted average price per gallon.
What will be an ideal response?
Which of the following is a true statement?
a. Under the articulated concept, accounting elements are defined using the revenue-expense approach rather than the asset-liability approach. b. The articulated approach severs the mathematical relationships between the balance sheet and income statement. c. Under the articulated approach, contributed capital, retained earnings, and unrealized capital adjustments are subclassifications of owners’ equity. d. Recent SFASs have advocated the non-articulated approach to financial statements.
Which of the following established the Federal Trade Commission, giving it the authority to enforce laws aimed at prohibiting unfair methods of competition?
A. the Wheeler-Lea Act B. the Clayton Antitrust Act C. the Sherman Antitrust Act D. the Robinson-Patman Act E. the Federal Trade Commission Act
According to the Restatement, manifesting an intention to act or an intention to refrain from acting in a specified manner is considered to be:
A) an implied in fact contract. B) an express contract. C) a promise. D) a quasi contract.