Because the statute of frauds does not apply expressly to a contract for the formation of a partnership, usually no writing is required to create the relationship

Indicate whether the statement is true or false


True

Business

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Ted Catering received $1040 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.

A.

Accounts Receivable1040? 
Catering Revenue 1040?

B.
Cash1040? 
Unearned Catering Revenue 1040?

C.
Cash1040? 
Catering Revenue 1040?

D.
Unearned Catering Revenue1040? 
Catering Revenue 1040?

E.
Cash1040? 
Accounts Receivable 1040?

Business

When there is net income, the income summary account is closed with a debit to Income Summary and a credit to the Retained Earnings account

Indicate whether the statement is true or false

Business

Which of the following is the least likely means a company might choose to meet the needs of international investors?

a. Translation of financial statements or annual reports into the language of the user. b. Denomination of the financial statements in the currency of the country where the financial statements will be used. c. Mutual recognition in which one country accepts the financial statements of another country for regulatory purposes such as listing on stock exchanges or filing annual reports. d. Partial or complete restatement of financial statements to the accounting principles of the financial statement users' country.

Business

The main activities of value chain members include all of the following EXCEPT ________

A) bringing in materials to make the product B) converting the materials into the final product C) providing unbiased information about the product to consumers D) shipping out the final product E) servicing the product after purchase

Business