Roxana applied for a newly created position at her company but kept saying she wasn’t good enough, even as she sent in her application. When Roxana found out the job went to someone else, she said “See, I told you I wasn’t good enough!” Roxana’s situation appears to be an example of a(n) ______.
a. antithetical outcome
b. reciprocal result
c. recursive rationalization
d. self-fulfilling prophecy
d. self-fulfilling prophecy
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A change in a reporting entity is accounted for by a prospective adjustment so that all financial statements are presented for the same entity
Indicate whether the statement is true or false
The accounts receivable clerk destroys all invoices for sales made to members of her family and does not record the sale in the accounts receivable subsidiary ledger. Which procedure will not detect this fraud?
a. prenumber and sequence check all invoices b. reconcile the accounts receivable control to the accounts receivable subsidiary ledger c. prepare monthly customer statements d. reconcile total sales on account to the debits in the accounts receivable subsidiary ledger
Answer the following statements true (T) or false (F)
1. The United Way Payable account would normally be shown on the balance sheet under current liabilities. 2. FICA—OASDI Taxes Payable would normally be shown on the balance sheet under long-term liabilities. 3. Federal Unemployment Taxes Payable is typically shown on the balance sheet under the long-term liabilities section. 4. The Current Portion of Long-Term Notes Payable would normally be shown on the balance sheet under current liabilities. 5. The Employee Bonus Payable would normally be shown on the balance sheet under long-term liabilities.
Widgeon Co manufactures three products: Bales; Tales; and Wales. The selling prices are: $55; $78; and $32, respectively. The variable costs for each product are: $20; $50; and $15, respectively. Each product must go through the same processing in a machine that is limited to 2,000 hours per month. Bales take 7 hours to process, Tales take 4 hours, and Wales take 1 hour. Which product has the
highest contribution margin per machine hour? A) Bales B) Tales C) Wales D) Bales and Tales have the same