(Net sales/total assets) equals _____
a. financial leverage
b. asset turnover
c. cost of goods sold
d. profit margin
b
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Concerning accounting for warranties, which of the following statements is true?
A) Federal income tax regulations require companies to accrue warranty expense in the year of the sale. B) The modified cash basis method is required for tax reporting. C) The modified cash basis method uses a percentage of completion approach to warranty revenue recognition. D) The modified cash basis recognizes warranty expense when cash is received on the sale.
Passwords, biometrics, and digital signatures are examples of which of the following?
a. physical controls b. segregation of duties c. authorization controls d. checks on performance
Norr and Caylor established a partnership on January 1, 2017. Norr invested cash of $100,000 and Caylor invested $30,000 in cash and equipment with a book value of $40,000 and fair value of $50,000. For both partners, the beginning capital balance was to equal the initial investment. Norr and Caylor agreed to the following procedure for sharing profits and losses:- 12% interest on the yearly beginning capital balance- $10 per hour of work that can be billed to the partnership's clients- the remainder divided in a 3:2 ratioThe Articles of Partnership specified that each partner should withdraw no more than $1,000 per month, which is accounted as direct reduction of that partner's capital balance.For 2017, the partnership's income was $70,000. Norr had 1,000 billable hours, and
Caylor worked 1,400 billable hours. In 2018, the partnership's income was $24,000, and Norr and Caylor worked 800 and 1,200 billable hours respectively. Each partner withdrew $1,000 per month throughout 2017 and 2018.Determine the amount of net income allocated to each partner for 2018. (Round all calculations to the nearest whole dollar.) What will be an ideal response?
A manager may deviate from the four pricing rules if a specific short-term objective is being targeted
Indicate whether the statement is true or false