Income statement accounts are also known as which of the following?
a. Nominal accounts
b. Real accounts
c. Closing accounts
d. Both a and c
a
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The social-responsibility and environmental movements are expected to ______________ in the future.
A) demand more from companies B) demand less from companies C) move away from sustainable marketing D) move toward partner relationship management E) move away from using social networking
Once the FASB has established an accounting standard, the
a. standard is continually reviewed to see if modification is necessary. b. standard is not reviewed unless the SEC makes a complaint. c. task of reviewing the standard to see if modification is necessary is given to the AICPA. d. principle of consistency requires that no revisions ever be made to the standard.
A schedule log is one of the easier-to-use quantity control devices
Indicate whether the statement is true or false.
The balance sheet equation tells us that assets - liabilities = net profit.
Answer the following statement true (T) or false (F)