All of the following are characteristics of batch processing except
a. each item in the batch is similar
b. batches are produced in accordance with detailed customer specifications
c. batches are produced to replenish depleted inventory levels
d. setting up and retooling is required for different batches
B
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Salespeople have an advantage over workers in other positions when being considered for promotion to positions of greater responsibilities because salespeople:
A) have limited opportunities for advancement in the sales department B) are compensated primarily through psychic income C) have worked for many companies in their careers D) have numerous opportunities to advance to middle-management ranks E) have high visibility within companies already relative to other positions
If the required rate of return on a bond (rd) is greater than its coupon interest rate and will remain above that rate, then the market value of the bond will always be below its par value until the bond matures, at which time its market value will equal its par value. (Accrued interest between interest payment dates should not be considered when answering this question.)
Answer the following statement true (T) or false (F)
The account Cash Overage is which type of account?
A. A liability account B. An asset account C. A miscellaneous expense account D. A miscellaneous revenue account
Match the following terms with the appropriate definition.
A) A list of all accounts used by a company and the identification number assigned to each account. B) The most flexible type of journal, it can be used to record any kind of transaction. C) Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future. D) A journal entry that affects at least three accounts. E) The process of transferring journal entry information to the ledger. F) A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense item. G) A column in journals where individual account numbers are entered when entries are posted to ledger accounts. H) A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts. I) A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances. J) A written promise from a customer to pay a definite sum of money on a specified future date. 1. General journal 2. Chart of accounts 3. Note receivable 4. T-account 5. Unearned revenues 6. Compound journal entry 7. Posting reference column 8. Posting 9. Account 10. Trial Balance