If demand is highly responsive to a change in price, we say the demand is ________
A) variable
B) inelastic
C) value-based
D) elastic
E) fixed
D
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Which of the following errors will be detected by a trial balance?
A) posting a credit to Sales instead of to Accounts Payable B) incorrectly computing the balance of the cash account C) failure to journalize a sales transaction at all D) forgetting to post a purchase transaction at all
Ponzi Corporation Ponzi Corporation reported the following information for the year ended December 31, 2012. Net income $100,000 Dividends 6,000 Retained earnings at December 31, 2012 $120,000 Refer to the information provided above for Ponzi Corporation. What was the economic effect of the payment of Ponzi's dividends?
A) The dividend reduced net income for 2012. B) The dividend should be added to net income if the company's accounting equation is in balance. C) The dividend reduced total retained earnings. D) The dividends must be paid whenever Ponzi Corporation reports net income.
If a principal and an agent enter into an express agency contract, the principal cannot employ any agent other than the exclusive agent
Indicate whether the statement is true or false
Why is the balance sheet a useful tool?
What will be an ideal response?