The accountant for Belden Jewelry Repair Services, Inc. forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?
A) Total assets are understated.
B) Revenues are overstated.
C) Total assets are overstated.
D) Net income is understated.
C
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A U.S. licensor will be most successful in maintaining effective control over licensees and preventing them from voiding its contract by:
a. using lawyers from both countries to write the licensing agreement. b. insisting that all licensees have a published code of ethics. c. not allowing the licensee to pay a fee for the use of proprietary knowledge. d. locally registering patents and trademarks to the U.S. firm and not to the licensee.
A perfection standard:
A. would make allowances for normal amounts of scrap and waste. B. tends to motivate employees over a long period of time. C. is generally preferred by behavioral scientists. D. is attainable in an ideal operating environment. E. will result in a number of favorable variances on a performance report.
Patrick owns an office building and leases space on a year-to-year basis. Patrick maintains a reversionary interest on the property
Indicate whether the statement is true or false
A global minimum
a. is also a local maximum. b. need not be a local maximum, but vice versa is true. c. is also a local minimum. d. need not be local minimum, but vice versa is true.