Which of the following is an example of the benchmarking function of the budgeting process?
A) A budget demands integrated input from different business units and functions.
B) Budgeting requires close cooperation between accountants and operational personnel.
C) Budget figures are used to evaluate the performance of managers.
D) The budget outlines a specific course of action for the coming period.
C
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Lori Corporation reported the following information for the year ended December 31, 2016: Net income $ 10,000 Dividends 6,000 Retained earnings at December 31, 2016 25,000 What was the balance of Lewis' retained earnings at January 1, 2016?
a. $21,000 b. $29,000 c. $31,000 d. $35,000
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Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The total change in cash should equal the net income for the period. 2. For the year ended December 31, 2019, the Statement of Cash Flows for Mississippi Family Auto Supply shows the following information: Net Cash Used by Operating Activities, $(74,000); Net Cash Provided by Investing Activities, $49,000; and Net Cash Provided by Financing Activities, $45,000. Cash has increased by $168,000. 3. The third section presented on the statement of cash flows is the non-cash operating activities section. 4. A debtor of Adams Company owes $500,000 but does not have enough cash to repay the debt. Following lengthy negotiations, the parties agreed that the debtor will issue 200,000 shares of common stock to settle the debt. This transaction will be reported in the investing activities section of the statement of cash flows for Adams Company.
Which of the following is an informal contract?
A) check B) bank draft C) lease D) recognizance