An account with a balance that carries over from one accounting period to another is a nominal account.
Answer the following statement true (T) or false (F)
False
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During 2014, Ongoing Company became involved in a tax dispute with the IRS. At December 31 . 2014, Ongoing's tax adviser believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was $450,000 but could be as much as $650,000 . After the 2014 financial statements were issued, Ongoing received and accepted an IRS settlement offer of $550,000 . What amount of
accrued liability would Ongoing have reported in its December 31 . 2014, balance sheet? a. $650,000 b. $550,000 c. $450,000 d. $0
To develop effective marketing strategies, marketers must understand how people make decisions about buying and using service and ____________
a. how they evaluate competitors b. what determines their satisfaction with it after consumption c. how often they utilize competitors d. how often they complain to the service firm e. the length of their relationship with the service firm
Flamingos, Inc. has four departments. The Administrative Department costs are allocated to the other three departments based on the number of employees in each and the Maintenance Department costs are allocated to the Assembly and Packaging Departments based on their occupied space. Data for these departments follows: Admin. Maintenance Assembly Packaging Operating costs$30,000 $15,000 $70,000 $45,000 No. of employees 2 6 4 Sq. ft. of space 2,000 3,000 The total amount of the Administrative Department's cost that would eventually be allocated to the Packaging Department is:
A. $18,000. B. $10,000. C. $13,000. D. $4,800. E. $12,000.
Jason wanted to have a virtual meeting where all participants could participate simultaneously so he opted to use ________.
A. videoconferencing B. the same computer C. a screen-sharing application D. a webinar E. discussion forum