A business has the following transactions:
" ¢ The business received $20,000 cash and issued common stock to stockholders.
" ¢ The business purchases $500 of office supplies on account.
" ¢ The business purchases $4,000 of furniture on account
• The business renders services to various clients totaling $11,000 on account.
• The business pays out $3,000 for salaries expense and $5,000 for rent expense.
• The business pays $600 to supplier for the office supplies purchased earlier.
• The business collects $1,000 from one of its clients for services rendered earlier in the month.
At the end of the month, all journal entries are posted to the ledger. Accounts Payable will appear as which of the following?
A)
B)
C)
D)
D
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As production workers become better organized and more familiar with equipment, the average cost per unit tends to decrease with the ________
A) increase in the diseconomies of scale B) accumulated production experience C) decrease in the economies of scale D) increase in derived demand E) increase in primary demand
The objectives of business financial reporting detailed in the conceptual framework proceeded directly from which of the following documents?
a. The Trueblood Report b. SATTA c. APB Statement 4 d. ASOBAT
Which of the following is generally true regarding the process of enforcing employment laws?
a. courts and government agencies hear cases only after employees come forward with complaints about violations of the law b. employees are very likely to seize the opportunity to sue their employers, because all of the cost of employment litigation is borne by the employer c. once a claim is brought, a company's attorneys deal with it, and managers have little involvement in the case d. all of the above e. none of the above
A long-arm statute is a:
a. federal law to allow regulatory agencies to sue foreign businesses in federal court b. state law that permits its courts to reach beyond state lines for jurisdiction over non-residents defendants c. state law that allows plaintiffs to force defendants to come to a state for purpose of serving process d. federal law that allows plaintiffs to force defendants to come to the U.S. for purposes of serving process e. none of the other choices are correct