Which journal is not used in the revenue cycle?
a. cash receipts journal
b. sales journal
c. purchases journal
d. general journal
C
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Summer, Inc has been in business for 20 years. During that time the company has consistently used the LIFO inventory costing method. Because of inflation, prices for merchandise have increased consistently over the 20 years. The company has maintained the same inventory quantities over the 20-year period. Which one of the following statements is true?
a. Summer, Inc.'s total net income for the past 20 years is greater than it would have reported using another inventory method. b. Summer, Inc. will have paid more income taxes over the past 20 years than it would have if it had used the FIFO method. c. Summer will have to continue using the LIFO method indefinitely because of generally accepted accounting principles and federal income tax rules. d. The ending inventory figure reported on the balance sheet may be significantly lower than its current value.
Which of the following are tangible goods that normally survive many uses?
A) generic goods B) durable goods C) core benefits D) convenience goods E) unsought goods
Which federal agency maintains information on individuals who may be a threat to national security?
a. Department of Justice b. Bureau of Prisons c. Department of Defense d. Secret Service
Scholarly research and popular work on the nature of leadership exploded in this decade.
A. 1950s B. 1960s C. 1970s D. 1980s