Mark signs a periodic tenancy lease at the River's Edge Warehouse for one year. After the year expires, Mark stays in the warehouse and the landlord acquiesces. Mark
a. has a month-to-month periodic lease, which can be terminated by either party giving a 30-day notice.
b. has a tenancy at sufferance which is not a true tenancy at all.
c. has another one-year lease.
d. must move out when the landlord finds another tenant.
c
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Under the periodic inventory system, a physical inventory must be taken at the end of the period to determine cost of goods sold
a. True b. False Indicate whether the statement is true or false
Robert Clark almost always agrees with his leader and does his job according to its formal job description. Robert could be described as a(n) ______.
a. effective follower b. alienated follower c. ineffective follower d. problem employee
Which one of the following companies is most likely to use job order costing?
A) a gold refinery B) a law firm C) a surfboard manufacturer D) a soft drink company
The last step in the accounting record-keeping process is:
a. making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time. b. preparing the income statement for the period from amounts in the income statement accounts. c. closing the temporary income statement accounts to retained earnings. d. preparing the balance sheet from amounts in the balance sheet accounts. e. preparing the statement of cash flows from balance sheet amounts and from details of transactions affecting the cash account.