After the closing process, all income statement accounts have balances that carry forward into the next accounting period.
Answer the following statement true (T) or false (F)
False
Revenues and expenses are income statement accounts. The temporary accounts (that is, revenue, expense, and dividends) are closed prior to the start of the next accounting cycle. After closing, these accounts have zero balances and are ready to capture the revenue, expense, and dividend information for the next accounting period.
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Which of the following examples best represents product form competition in drip coffee machine category?
A) other brands of coffee drip machines B) percolators and espresso machines C) juicers and water purifiers D) pots and pans
The traditional judicial rule is that the court will pierce the corporate veil when the corporation has been dominated by one or more of its shareholders and the domination has resulted in an improper purpose.
Answer the following statement true (T) or false (F)
Which of the following statements is true about the strict liability doctrine?
A. Privity of contract between the injured party and defendant is mandatory. B. Injured bystanders cannot recover damages under the strict liability doctrine. C. Parties in the chain of distribution are strictly liable only to the customer who buys the product. D. Injured bystanders are entitled to the same protection as the product's consumer.
Sales projections are often the most difficult part of the budgeting process because it involves a considerable amount of subjectivity.
Answer the following statement true (T) or false (F)