A(n) ______ is a type of legal claim (lien) against a firm's inventory when it is used as collateral for a loan and the goods are relatively high priced, slow moving, and easy to identify individually using serial numbers or other distinguishing characteristics.
A. note payable
B. trust receipt
C. blanket lien
D. bond indenture
E. recourse inventories order
Answer: B
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Which of the following types of errors will NOT self-correct in the next year?
a. Accrued expenses not recognized at year-end b. Accrued revenues that have not been collected not recognized at year-end c. Depreciation expense overstated for the year d. Prepaid expenses not recognized at year-end
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $13,000 Social security and Medicare Taxes withheld 975 Income Taxes withheld 2,600 Retirement Savings 500 Salaries subject to federal and state unemployment taxes of 6.2 percent 4,000 The entry to record the accrual of employer's payroll taxes would include a
A) debit to Payroll Taxes Expense for $1,223 B) credit to Social Security and Medicare Tax Payable for $1,950 C) debit to Payroll Taxes Expense for $248 D) Debit to Payroll Tax Expense for $975
In the ______ step of the rational decision process, the decision-maker multiplies the expected effectiveness of each alternative on each criterion times the weighting of each criterion for each solution.
A. generate the alternatives B. problem definition C. identify decision criteria D. select the optimal solution
If a company fails to make an adjusting entry for accrued revenues, the net income will be overstated
Indicate whether the statement is true or false