Which of the following are true when cycle counting inventory?
I. Inventory should be audited for count and location.
II. Cycle counts can be scheduled at regular intervals or special times.
II. A good time to cycle count an item is when an order is placed.
A) I, II and III
B) I and II only
C) I and III only
D) II and III only
E) I only
A
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If total assets decreased by $88,000 during a period of time and owner's equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is
A) $23,000 increase B) $88,000 decrease C) $153,000 increase D) $153,000 decrease
American Airlines found that for some jobs it was unwise to train workers on equipment used at the work site. Therefore, a special classroom facility was set up for instruction on operating equipment like that found in some departments. By doing this, American Airlines offered ____ training for some jobs.
A. simulation B. classroom C. seminar D. on-the-job E. role-playing
Which of the following statements is false?
A) IRS publications provide helpful advice on filing the federal personal income tax return. B) The statute of limitations gives the IRS three years from the time the return is filed to impose additional tax liabilities. C) Most tax service companies can provide the expert advice that high-income individuals with complex tax situations need. D) Many financial planners do not specialize in tax advice. However, they may refer you other professionals who do.
Products that are designed to be similar to and compete with existing products of other firms are called
A. innovations. B. generics. C. imitations. D. house brands. E. adaptations.