A company may recognize a revenue or expense without a corresponding cash collection or payment in the same accounting period.
Answer the following statement true (T) or false (F)
True
Accrual basis companies recognize revenue when earned and expense when incurred, regardless of when cash is received or paid.
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Which of the following below is an example of a capital expenditure?
A) cleaning the carpet in the front room B) tune-up for a company truck C) replacing an engine in a company car D) replacing all burned-out light bulbs in the factory
Management accounting information is important for both for-profit and not-for-profit organizations
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. All employers, but not all employees, have a duty to comply with OSHA rules and regulations. 2. OSHA is the state agency responsible for inspecting worksites in America. 3. The employer has a right to get the inspector’s credentials, including their name and badge number, and to receive information on the reason for the inspection—either the employee complaint or the program inspection information. 4. The OSHA inspector can conduct the on-site inspection completely anonymously. 5. Company representatives are not allowed to accompany inspectors as they go through their site visit.
The Federal Deposit Insurance Corporation was created under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Indicate whether the statement is true or false