In chapter 6, Projecting Financial Requirements and Managing Growth, the author focuses on three critical questions to examine the firm's financial future. Which of the following questions is NOT addressed by the author in this chapter?
A) How much and what type of financing will be required to meet goals and expectations?
B) How do we compensate mangers to attract and keep good executives?
C) How profitable do we expect the firm to be in the coming years?
D) What is the RIGHT amount of sales growth (as opposed to too little or too much)?
B
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Which of the following journal entries is required to close the Income Summary account of a company with a net loss?
a. Debit Income Summary, credit Capital Stock. b. Debit Income Summary, credit Retained earnings. c. Credit Income Summary, debit Retained earnings. d. Credit Income Summary, debit Dividends.
If $15,000 is considered to be material to the income statement, but $25,000 is material to the balance sheet, the auditor should set overall materiality at which of the following dollar amounts?
a. $20,000 b. $25,000 c. $40,000 d. $15,000
Which sentence expresses numbers correctly?
A) The settings must be adjusted by .005 inches. B) The fastest race in IndyCar Series history was in 2003 at the California Speedway with an average speed of 207.151 miles per hour. C) The swimmer won the race with a narrow margin of only .06 seconds faster than her nearest competitor.
Which of the following statements about the personal property coverage (Coverage C) of the Homeowners 3 policy is (are) true?
I. There are special limits of liability that apply to certain types of personal property. II. The full amount of coverage applies only if the property is permanently located at any residence of the insured. A) I only B) II only C) both I and II D) neither I nor II