The bank statement showed an NSF check from a customer, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes:
A. a credit to Accounts Receivable.
B. a debit to cash.
C. a credit to Cash.
D. a debit to NSF Expense.
Answer: C
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Which of the following situations does not involve an accrual?
A) Recording accrued interest. B) Recording depreciation. C) Recording unrecorded wages. D) Recording unrecorded revenue.
Which of the following statements is true of the salary-only approach?
A. The salary-only approach is useful when an organization emphasizes serving and retaining existing accounts. B. The salary-only approach is useful when an organization emphasizes generating new sales and accounts. C. The salary-only approach is useful only when an organization is compensating experienced sales executives. D. The salary-only approach is not useful in compensating sales representatives who are new to the job.
If a company uses the effective interest method to amortize a bond discount, does the interest expense increase, decrease, or stay the same over time? Explain.
What will be an ideal response?
The price of a product must be relative to the benefits of that product.
Answer the following statement true (T) or false (F)