The purpose of insurance is to protect your
A) liabilities and expenses.
B) assets and liabilities.
C) assets and net worth.
D) income and expenses.
Answer: C
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You have received an email from a new accounting client, Jamal Parker, who has just started a new business. Jamal would like you to explain whether it is really that beneficial for him to take advantage of a 2/10, net 30 discount offered by one of his
suppliers, given his limited cash flow. In a memo, explain to him why this is or is not a sound financial move for his new company. Most firms attempt to pay their accounts payable within the discount period to take advantage of the discount. Why is that normally a sound financial move?
When closing entries are made:
A. All asset accounts are closed but liability accounts are not closed. B. All balance sheet accounts are closed. C. All permanent accounts are closed but temporary accounts are not closed. D. All temporary accounts are closed but permanent accounts are not closed. E. All ledger accounts are closed to start the new accounting period.
In the law of negligence, in general, who do you owe a duty of care to?
A) those who pay for your services B) all those affected by your actions C) those who you should reasonably foresee will be affected by your actions D) only those who you actually know E) only those who you have a direct relationship with
This type of leadership behavior has been shown to have a positive impact on employees' attitudes in collectivistic cultures because the care, support, and protection provided by these leaders may address employees' need for frequent contact and close personal relationships.
A. Paternalistic B. Participative C. Authoritarian D. Autocratic