Which of the following is a business event that is considered a recordable transaction?
A) A company hires a new employee.
B) A customer purchases merchandise.
C) A company orders a product from a supplier.
D) An employee sends a purchase requisition to the purchasing department.
B
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Identify the rule that states that income has been realized when a taxpayer receives the income and there are no restrictions on the taxpayer's use of the income (e.g., no obligation to repay the amount).
A. Claim of right B. Return of capital principle C. Wherewithal to pay D. Constructive receipt E. None of the choices are correct
Cash investments by stockholders are listed on which of the following statements?
A. Statement of retained earnings and statement of cash flows. B. Statement of cash flows only. C. Statement of retained earnings and income statement. D. Retained earnings only. E. Income statement only.
A promise or order is only considered negotiable if ________
A) the promise or order to pay is unconditional B) it states that the promise or order is subject to or governed by another writing C) the rights to the promise or order are stated in another writing D) an express condition to payment is mentioned
The difference between the values of the buyer and seller is referred to as the
A) value discrepancy. B) spread. C) bargaining surplus. D) negotiation gap.