A company can still have cash flow problems if it is profitable
Indicate whether the statement is true or false
FALSE
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A prepaid expense is
A) a payment received by the company in advance for the future sale of inventory or performance of services B) an item of goods or services purchased by the company for use in its operations but not fully consumed by the end of the accounting period C) an expense that has been incurred during the accounting period but has been neither paid nor recorded D) an item that has been earned by the company during the accounting period but has been neither received nor recorded
When using the periodic inventory system, the Merchandise Inventory account is ________.
A) not used B) never used when recording purchase discounts, or returns of inventory C) replaced on the balance sheet with the Purchases account D) updated after each sale
Under Article 2A:
a. a court faced with an unconscionable contract or clause must refuse to enforce the entire contract. b. consumers in an unconscionable consumer lease contract receive an additional remedy over consumers in unconscionable sales contracts. Reasonable attorneys' fees may be awarded. c. there is no provision for relief for unconscionable conduct in the collection of a claim arising from a consumer lease contract. d. lessees under all types of leases of personal property have the same protections against unconscionable contracts.
When a surety pays a debt that it is obligated to pay, it automatically acquires the claim and the rights of the creditor through: A) assignment
B) exoneration. C) subrogation. D) default.