A company performs $2,800 of services during the month and bills customers. The customers are expected to pay next month. Record the customer billing using (a) accrual-basis accounting and (b) cash-basis accounting.
What will be an ideal response?
| (a) | Accounts Receivable | 2,800 | ? |
| ? | Service Revenue | ? | 2,800 |
| (b) | No Entry | ? | ? |
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Assume you are an American exporter and expect to receive 50 pounds sterling at the end of 60 days. You can remove the risk of loss due to a devaluation of the pound sterling by
a. selling sterling in the forward market for 60-day delivery. b. buying sterling now and selling it at the end of 60 days. c. selling the dollar equivalent in the forward market for 60-day delivery. d. keeping the sterling in Britain after it is delivered to you.
Which of the following statements is true of state action?
A. State action is not involved if policies are mandated by federal law. B. Private deprivation of individual liberties is permitted only if interference of state action is prohibited by statute. C. The Constitution protects an individual only against governmental activity, usually called state action. D. The constitutional checks on governmental power do not apply to the Congress.
Describe the five-step model of decision-making. Use the model to describe a decision you have made.
What will be an ideal response?
Firms sometimes invest in the common stock of other entities in order to exert significant influence or control over the other entity. U.S. GAAP and IFRS assume that firms owning more than ______ can exert control, unless other information indicates the contrary
a. 20% b. 30% c. 40% d. 50% e. 60%