Before accepting money from a business angel, the entrepreneur should:
A. first make application for a bank loan.
B. use all available personal assets to finance the new venture.
C. request a loan from the angel instead of investment to prevent having to give up control.
D. make sure the business angel is accredited.
Answer: D
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Which of the following terms best describes "Cost of goods available for sale"?
a. Cost of goods available for sale is an expense account. b. Cost of goods available for sale is added to beginning inventory to determine cost of purchases during the period. c. Cost of goods available for sale is subtracted from net sales to arrive at the gross margin d. Cost of goods available for sale is allocated into cost of goods on hand and cost of goods sold at the end of the fiscal year
Using the direct write-off method, the bad debt expense is recorded when a specific customer's account is determined to be noncollectible
Indicate whether the statement is true or false
A treaty does not require Senate approval before being passed
Indicate whether the statement is true or false
On January 1, Year 1, Mayer Corporation signed a contract to perform $25,000 worth of services for Phips Company over the next three years. Which of the following indicates the effects of this event on the Year 1 income statement and statement of cash flows of Mayer Corporation? Cash FlowsNet IncomeOperatingInvestingFinancing
A.
| NA | NA | NA | NA |
B.
| 25,000 | 25,000 | NA | NA |
C.
| NA | NA | NA | 25,000 |
D.
| 25,000 | NA | 25,000 | NA |