How would it be easier to determine if a firm made or lost money last year-by looking at the balance sheet or by looking at the income statement? Support your answer by explaining in general terms what accounts a balance sheet lists and what accounts an income statement lists.
What will be an ideal response?
The quickest way to determine if a firm is profitable or not would be to examine a company's income statement since an income statement is a summary of the firm's revenues, cost of goods sold, and expenses during a specified accounting period-usually a one year period. A balance sheet is just a snapshot in time and reflects the financial position of the company in terms of assets, liabilities, and owners' equity at one point in time. Students may also include the fact that both the income statement and balance sheet (along with a firm's statement of cash flows) are included in a firm's annual report.
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Which of the following is a preventive control?
a. credit check before approving a sale on account b. bank reconciliation c. physical inventory count d. comparing the accounts receivable subsidiary ledger to the control account
You are about to conduct a formal meeting with 25 attendees in the boardroom. What guide would you use to ensure orderly communication of ideas and participation?
a. Building High Performance Teams b. The APA Style Manual c. Robert's Rules of Order d. The organizational chart
Clean Air Committee Requests Carpooling As the new chairperson for your company's Clean Air committee, one of your responsibilities is to encourage employees to form car pools. In the past, employees have resisted forming car pools for a number of
reasons, including the lack of an organized program, the complexity of flextime schedules, and the extra time needed to pick people up. Your company has agreed to provide privileged parking spaces to car pool participants but will not provide any monetary incentives. Required: Write a persuasive memo or email to all employees encouraging them to form carpools. You may add any terms of persuasion necessary to influence them to participate.
Recusal is the disqualification of a judge or administrative hearing officer because of
bias or interest regarding the case. a. True b. False