Joy and Kersey want to open a magic and novelty shop as Jo-Kers, with a plan to open other shops in the future. To attain limited liability for the lowest cost and the fewest start-up formalities, their best option is to form
A. a corporation.
B. a limited liability company.
C. a limited partnership.
D. a sole proprietorship.
Answer: B
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Under U.S. GAAP, the cost of a product warranty should be included as an expense in the
a. period the cash is collected for a product sold on account. b. future period when the cost of repairing the product is paid. c. period of the sale of the product. d. future period when the product is repaired or replaced. e. past period when the product is under development.
Which of the following would probably not be found in the accounting system of a service provider?
A) Cost ledger B) Finished jobs ledger C) Deferred revenue account D) Job cost sheets
Which stage of the consulting process is when details are sought about the situation, the client, the organization, and other relevant aspects of the problem utilizing a variety of methods or sources?
a. Data gathering b. Diagnosis and feedback c. Intervention d. Evaluation and exit
About one third of all new start-ups fail in their first years.
Answer the following statement true (T) or false (F)