For questions 1 through 6:Indicate how each event affects the financial statements model. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.Increase = I Decrease = D No Effect = NA(Note that "No Effect" means that the event does not affect that element of the financial statements or that the event causes an increase in that element, which is offset by a decrease in that same element.)At the end of the accounting period, Signet Co. recorded accrued salaries.AssetsLiabilitiesEquityRevenuesExpensesNet IncomeStmt of Cash Flows???????
What will be an ideal response?
(NA) (I) (D) (NA) (I) (D) (NA)
Accruing salaries expense increases liabilities (salaries payable) and it increases expenses, which decreases net income and equity (retained earnings). It does not affect the statement of cash flows.
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Which of the following statements is true about team selling?
A. It is not appropriate for expensive, complex, high-tech business products. B. Teams typically consist of a sales rep and a marketing rep. C. Teams do not include representatives from finance. D. It is appropriate for expensive, complex, high-tech business products. E. Teams usually include someone from human resources.
A regulation is binding on each member state as to the result to be achieved and leaves to the national authorities the choice of form and methods
Indicate whether the statement is true or false
The US Supreme court has considered punitive damages in some important cases in recent years. The best characterization of its rulings from the below is: The court has:
a. upheld the right of juries to award punitive damages but has limited the amount and basis of such damages based on the due process clause. b. expanded the basis upon which such awards may be based to include negligence as well as gross negligence and intentional torts. c. deferred to the determination of what is appropriate to the state courts based on local customs and social standards and state rights. d. banned the award of punitive damages based on the taking rule of the due process clause if the defendant is corporation.
What is the order of the stages in the regulatory cycle?
a. Latency, awareness, activism, and regulation/litigation b. Latency, activism, awareness, regulation/litigation c. Latency, activism, regulation/litigation, awareness d. Latency, regulation/litigation, awareness, activism