During the taking of a physical inventory on December 31, 2012, inventory was counted as $100,870 instead of the correct amount of $100,780 . The effect of the error on the December 31, 2012 balance sheet and income statement will be: Ending inventory will be ________; ________ will be overstated
a. understated; cost of merchandise sold
b. overstated; cost of merchandise sold
c. overstated; net income
d. understated; gross profit
c
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To alter destructive beliefs, an entrepreneur must:
a. identify the dysfunction and change thoughts to be more irrational b. change thoughts, but not identify dysfunction c. identify the dysfunction and change thoughts to be more rational d. do nothing at all
In a joint venture, the authority of one member to bind the partnership is more limited than in a general partnership
a. True b. False Indicate whether the statement is true or false
Today, most organizational environments are ______.
A. placid, randomized B. placid, clustered C. disturbed, reactive D. turbulent fields
An opportunity cost:
A. Is the potential benefit lost by choosing a specific alternative course of action among two or more. B. Is an unavoidable cost because it remains the same regardless of the alternative chosen. C. Requires a current outlay of cash. D. Is irrelevant in decision making because it occurred in the past. E. Results from past managerial decisions.