The going concern assumption:
a. is applicable to all financial statements.
b. primarily involves periodic income measurement.
c. allows for the statements to be prepared under generally accepted accounting principles.
d. requires that accounting procedures be the same from period to period.
e. none of the answers are correct.
C
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Lee Sisters reports income before income taxes of $20,000 during 2014. If beginning inventory was understated by $6,000 and ending inventory was overstated by $2,400, calculate corrected income before income taxes for the year. (Show your work.)
The current ratio is computed as:
a. assets divided by current liabilities. b. current assets divided by liabilities. c. current assets multiplied by current liabilities. d. current assets divided by current liabilities.
What type of property would be considered community property if it had been
acquired while the married couple were living in a community property state? a. Separate property b. Community property c. Quasi-community property d. All of the above
Persuading, as one of the roles that superior team leaders perform, refers to
A. delegating authority, being flexible regarding team decisions, and coaching. B. influencing team members, as well as obtaining external support for teams. C. micromanaging team members to ensure that they strictly follow the team norms. D. exhibiting social and political awareness, caring for team members, and building trust. E. seeking information from managers, peers, and specialists, and investigating problems systematically.