Although it lacks sources of timber and oil, Chablis has a plentiful supply of grapes for its many wineries. Which statement about Chablis is true?
A. It has a comparative advantage in wine production.
B. It has a comparative advantage in timber and oil production.
C. It has an absolute advantage in the production of wine.
D. It has an absolute advantage in timber and oil production.
E. It has no comparative or absolute advantages.
Answer: A
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Recording short-term noninterest-bearing notes receivable at their maturity value
A) ?overstates interest income and understates sales revenue. B) ?overstates sales revenue and understates interest income. C) ?correctly states sales revenue and interest income. D) ?is prohibited by GAAP.
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be:
A. Credit Retained earnings $28,000; debit Dividends $28,000. B. Debit Dividends $28,000; credit Income Summary $28,000. C. Debit Income Summary $28,000; credit Dividends $28,000. D. Debit Retained earnings $28,000; credit Income Summary $28,000. E. Debit Income Summary $28,000; credit Retained earnings $28,000.
Odiferous Waste Company is a subsidiary of Precarious Investments, Inc. Odiferous operates a hazardous waste disposal site. QuikChem Corporation is one of many parties who generate waste disposed of at the site. Odiferous borrows money from Regal Bank, which takes over the site when Odiferous goes bankrupt. The Environmental Protection Agency discovers a leak at the site. Can any of these private parties be forced to pay for the clean up? If so, who?
What will be an ideal response?
Dmitri sends e-mail to Eva Marie, promising her a percentage of the amount in a foreign bank account if she will assist in transferring the funds to a U.S. bank account. Eva Marie forwards her account number, but the funds are never sent. Instead, Dmitri quickly withdraws the funds in Eva Marie's account. This is A) hacking
B) identity theft. C) phishing. D) cyber fraud.