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
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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 Receivable | 1040? | |
| Catering Revenue | 1040? |
B.
| Cash | 1040? | |
| Unearned Catering Revenue | 1040? |
C.
| Cash | 1040? | |
| Catering Revenue | 1040? |
D.
| Unearned Catering Revenue | 1040? | |
| Catering Revenue | 1040? |
E.
| Cash | 1040? | |
| Accounts Receivable | 1040? |
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
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.
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