Indicate whether each of the following statements is true or false.A master budget is a group of detailed, related budgets and schedules.The master budget includes only operating budgets.Capital budgets include projections for purchases of property, plant, and equipment.A sales budget includes a schedule of cash payments for inventory.The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period.
What will be an ideal response?
A master budget is a group of detailed, related budgets and schedules. T
The master budget includes only operating budgets. F
Capital budgets include projections for purchases of property, plant, and equipment. T
A sales budget includes a schedule of cash payments for inventory. F
The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period. F
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Tahoe Ski Company uses the perpetual inventory system and the net method of accounting for purchases. The company had the following transactions during January:January 6:Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30.January 8:Returned $200 worth of defective units and received full credit.January 15: Paid the amount due, less the returned items.Prepare journal entries to record each of the preceding transactions.
What will be an ideal response?
At the end of 2013, Mirror Productions determined that one of its copyrights was worthless. The copyright had a cost of $320,000 . The copyright had been amortized for 8 years of its estimated 25-year legal life. Which of the following statements is the justification for removing the remaining cost of the copyright from the accounting records?
a. The copyright no longer represents a future benefit to the company. b. The federal government does not allow copyrights to be recorded as assets once they are deemed worthless. c. The cost of the copyright represents an obligation to return capital contributions to the stockholders. d. The cost of the copyright has usefulness that will impact the net income of future accounting periods.
Proponents of holistic marketing consider internal marketing to be as important as marketing to consumers
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The contemporary approach on studying teams emphasizes the permanent nature of teams. 2. Research suggests all groups develop in sequential, discrete stages. 3. Team norms help define appropriate and inappropriate behavior. 4. The most basic type of hidden agenda relates to interpersonal conflicts. 5. Team norms are explicit, written rules.