Under the periodic inventory system, the amount of inventory is:
A) constantly updated.
B) only known when a physical count is taken.
C) adjusted after each sale.
D) adjusted after each purchase.
B) only known when a physical count is taken.
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_______ is the process by which a company compares its performance with that of high-performing organizations.
A. Reference innovation B. Benchmarking C. Competitive change D. Continuous improvement E. Radical innovation
An employee from Hamid's Automobile Inc. called up Horner's home to repair the latter's car. It was repaired in Horner's garage. When Horner defaulted on the bill, Hamid's employee went to his house to take possession of the car, claiming that the corporation had a lien on the car by virtue of the work performed on it. According to this scenario, which of the following statements is true?
A. The corporation has no lien on the car because the employee did not notify Horner at the time of the repairs that a lien would be claimed. B. The employee is entitled to the possession of the car because he was the one who performed the repairs on the car. C. Hamid's employee is justified in his actions as the corporation did have a lien on the car by virtue of the work performed on it by its employee. D. The corporation has no lien on the car, because its employee came to Horner's house to make the repairs and so Horner never gave up possession of his car to Hamid's.
The annual report of a publicly held corporation usually does not contain the auditors' report
Indicate whether the statement is true or false
Lease agreements are
A) estimates. B) commitments. C) liabilities. D) contingencies.