Claire needs to motivate Phil to reach a higher sales goal. She decides to make a clear and easy to understand plan for Phil to use to help the sales process. Phil can refer to this plan to see how much he should sell and when he should accomplish each sales goal. Claire focused on which characteristic of goal setting theory?
a. Specific goals
b. Difficult goals
c. Goal acceptance and commitment
d. Feedback
a. Specific goals
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By forming a limited liability partnership (LLP), the personal assets of partners not involved in wrongdoing by other members of the firm will be sheltered from malpractice claims against the firm.
Answer the following statement true (T) or false (F)
Explain the term opportunism with respect to business relationships
What will be an ideal response?
Silvia's Studio provided $220 of dance instruction and rented out its dance studio to the same client for another $135. The client paid cash immediately. Identify the general journal entry below that Silvia's Studio will make to record the transaction.
A.
| Accounts Payable | 355? | |
| Rental Revenue | 135? | |
| Instruction Revenue | 220? |
B.
| Rental Revenue | 135? | |
| Instruction Revenue | 220? | |
| Accounts Receivable | 355? |
C.
| Rental Revenue | 135? | |
| Instruction Revenue | 220? | |
| Cash | 355? |
D.
| Cash | 355? | |
| Rental Revenue | 135? | |
| Instruction Revenue | 220? |
E.
| Unearned Revenue | 355? | |
| Rental Revenue | 135? | |
| Instruction Revenue | 220? |
Net income for a particular period does not equal cash flow from operations because
a. most firms use the accrual basis of accounting to measure operating performance. b. most firms typically recognize revenue at the time of sale, independent of when they receive the cash from the sale. c. some firms receive cash before providing services and recognizing revenues. d. some firms receive cash after they have provided goods and recognized revenues. e. all of the above