Answer the following statements true (T) or false (F)
1. The best-known and most widely used group creativity technique is brainwriting.
2. Conflict or dissent is positive for group creativity.
3. Organizational climates that encourage risk-taking have more creativity.
4. Extrinsic rewards can hurt creativity.
1. False
2. True
3. True
4. True
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A(n) ______ innovation is a change in the way a product or service is conceived, manufactured, or disseminated.
A. procedural B. process C. product D. transformational E. adaptive
When purchasing inventory, which document usually triggers the recording of a liability?
a. purchase requisition b. purchase order c. receiving report d. supplier's invoice
Landfall Navigation began operations in 2020 and provides a one year warranty on the products it sells. They estimate that 20,000 of the 400,000 units sold in 2020 will be returned for repairs and that these repairs will cost $8 per unit. The cost of repairing 16,000 units presented for service in 2020 was $128,000. Landfall should report
a. warranty expense of $32,000 for 2020.
b. warranty expense of $128,000 for 2020.
c. warranty liability of $160,000 on December 31, 2020.
d. no warranty obligation on December 31, 2020, since this is only a contingent liability.
Jasper makes a $35,000, 90-day, 8.5% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)
A. Debit Cash $35,743.75; credit Interest Revenue $743.75; credit Notes Receivable $35,000. B. Debit Cash $35,743.75; credit Notes Receivable for $35,743.75. C. Debit Cash $37,975; credit Interest Revenue $2975, credit Notes Receivable $35,000. D. Debit Notes Payable $35,000; Debit Interest Expense $2975; credit Cash $37,975. E. Debit Cash for $35,000; credit Notes Receivable $35,000.