Which of the following is not a step in the accounting process?
A. Identify each transaction and event from source documents.
B. Ensure all cash is distributed to owners at the end of each period.
C. Post journal information to ledger accounts.
D. Analyze each transaction and event using the accounting equation.
E. Record relevant transactions and events in a journal.
Answer: B
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Ofelia and Teresa share income and losses in a 2:1 ratio after allowing for salaries to Ofelia of $48,000 and $60,000 to Teresa. Net income for the partnership is $132,000. Income should be divided as follows:
A) Ofelia, $56,000; Teresa, $76,000 B) Ofelia, $60,000; Teresa, $72,000 C) Ofelia, $72,000; Teresa, $60,000 D) Ofelia, $64,000; Teresa, $68,000
When customer service activities are neglected, this is referred to as a __________.
What will be an ideal response?
Private Suzette dreams of one day becoming a Sergeant Major in the Army. She realizes that it is a long road ahead of her to make her dream come true. After the rank of Sergeant E-2 to E-3 to E-4 to E-7, a soldier must have eight years of military service and forty-eight months of time-in-grade. She must have shown qualities of leadership to become a rank of E-7. After going through Master sergeant then there is only one Sergeant Major at the top. Of the literally MILLIONS of soldiers that will serve, only one will be the SMA! This scenario illustrates which organizing structure?
a. Departmentalization b. Span of control c. Chain of command d. Specialization
According to Table 8-6, which describes a labor planning problem and its solution, how many workers would be assigned to shift 3?
A) 13 B) 14 C) 16 D) 0 E) None of the above