Suppose the charitable organization contacted Aunt Anastasia and told her that they had underestimated the amount of rabbits they needed. Instead of 25 rabbits, they need 35. How would this affect Aunt Anastasia's profits?
A) Profits would increase by $5.
B) Profits would decrease by $5.
C) Profits would increase by $2.50.
D) Profits would decrease by $2.50.
Answer: B
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On February 1, 2015, Apollo Company received $24,000 in advance for a three-year rental of land, and credited Rent Revenue for the entire amount. The correct December 31, 2015 adjusting entry would be
A) Unearned Rent 16,667Rent Revenue 16,667 B) Rent Revenue 16,667Unearned Rent 16,667 C) Unearned Rent 7,333Rent Revenue 7,333 D) Rent Revenue 7,333Unearned Rent 7,333
Answer the following statements true (T) or false (F)
1. Type A behavior has been associated with decreased work performance. 2. Sets of behaviors that people expect of occupants of a position are known as roles. 3. Having to decide between working late at your boss's request or attending your child's birthday party is an example of role overload. 4. Boredom, irritability, and nervousness can be symptoms of stress.
When price competition is fierce, companies easily shift the burden of a tax increase to their customers via higher prices.
Answer the following statement true (T) or false (F)
Which of the following corporate characteristics is a disadvantage of a corporation?
A) Stockholders have limited liability. B) A corporation has a continuous life. C) There is no mutual agency between the stockholders and the corporation. D) Earnings of a corporation may be subject to double taxation.