Examples work well when used in groups of two or more
Indicate whether this statement is true or false.
TRUE
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The Merchandise Inventory account balance is $52,000. A physical count of inventory reveals that the actual inventory balance is $41,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $41,000 credit to Merchandise Inventory B) a $52,000 debit to Cost of Goods Sold C) a $11,000 credit to Cost of Goods Sold D) a $11,000 credit to Merchandise Inventory
Portuguese owns 80 percent of the common stock of Spanish Company. Portuguese also purchases some of Spanish's bonds directly from Spanish and holds the bonds as a long-term investment. How is the acquisition of the bonds treated for consolidated reporting purposes?
A. As an increase in the Bonds Payable account on Spanish's books. B. As a retirement of bonds. C. As an increase in noncurrent assets. D. Everything related to the intercompany bonds is eliminated in the consolidation worksheet, and nothing related to the bonds appears in the consolidated financial statements.
Which one is NOT one of the properties of water?
A. The frozen form is more dense than the liquid form. B. Water moderates temperature. C. Water has a high heat capacity. D. Water has a high heat of evaporation. E. Water is a solvent.
In the payroll subsystem, which function should distribute paychecks?
a. personnel b. timekeeping c. paymaster d. payroll