Selected data from the accounting records of Webb Company are listed below: General & administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues (expenses) 800 Dividends paid 1,200 Read the information about Webb Company. What is Webb's income from operations?
a. $ 1,600
b. $ 2,000
c. $ 2,200
d. $ 2,800
b
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Although ads can be tested prior to production, most advertising agencies perform little pretesting because pretests:
A) tend to be unreliable B) are too expensive C) are not requested very often by clients D) have to be matched with posttests to be effective
Expensing a building in the year of purchase represents an abuse of which of the following accounting conventions?
A) Full disclosure B) Cost-benefit C) Conservatism D) Consistency
Alice's Aspirin Inc, produces and packages aspirin for sale to retail stores. Bob buys a bottle of Alice's aspirin at Dahl's Food Stores. Two days later Bob's friend, Hank, takes two aspirin while at Bob's house. Within minutes, Hank is very ill and is rushed to the hospital, where it is found that a defect in the aspirin caused the reaction. Which of the following is correct?
a. Hank can sue both Alice's Aspirin Inc. and Dahl's under tort theories because he is an injured party due to the defective product. b. Hank cannot sue anyone because he assumed the risk of taking the aspirin. c. Hank cannot sue anyone because he is not in privity with Dahl's or Alice's. d. Hank can sue but will not be able to recover consequential damages for his medical expenses.
The Americans with Disabilities Act explicitly states that
A. employers may not test for AIDS or the presence of HIV. B. employers can screen out a prospective employee because he or she has an elevated risk of on-the-job injury. C. employers may not test applicants for illegal drug use. D. physical exams must be directly related to the requirements of the job.