Microeconomics is the study of the behavior of the overall economies of small countries
Indicate whether the statement is true or false
FALSE
Explanation: Microeconomics is the study of how individual businesses, households, and consumers make decisions to allocate their resources in the exchange of goods and services. Macroeconomics is the study of the behavior of the overall economy.
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Answer the following statements true (T) or false (F)
1. Vacation pay is an example a liability that exists but the exact amount is not known. 2. Because a company usually does not know the amount of the year-end bonus at year-end, no liability is recorded. 3. Alpine Enterprises estimates that it will pay a 5% bonus on annual net income after deducting the bonus. The company reports net income of $500,000 before the calculation of the bonus. Employee Bonus Expense will be debited for $25,000. 4. Since a company usually does not know the amount of the year-end bonus at year-end, the company estimates the amount of the bonus based on a percentage. 5. Jamison Enterprises estimates that it will pay a 5% bonus on annual net income after deducting the bonus. If Jamison reports net income of $480,000 before the calculation of the bonus, the amount of the bonus is $24,000.
In the 90s, the EEOC also added the requirement of employer’s legal compliance regarding what unlawful practice in the workplace linked to Title VII?
A. racial discrimination B. sexual harassment C. religious bias D. ethnic harassment
Victory Company purchases office equipment at the beginning of the year at a cost of $15,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. The book value at the end of 7 years is:
A. $0. B. $2,143. C. $1,000. D. $14,000. E. $2,000.
A times C is represented by:
A. A/C B. A + C C. AC D. A:C