A company forgot to record four adjustments during 2012. Which one of the following omissions of adjustments will understate assets?
A) Unearned revenue is not reduced for the portion that has been earned
B) Interest on money loaned out has not yet been recorded
C) Prepaid insurance is not reduced for the portion of the policy that has expired during the period
D) Income taxes owed but not yet paid are ignored
B
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Jade is in charge of a group of employees who distribute packages around the world. Her main focus is measuring the percentage of time packages are received at the proper location and on time. Jade’s focus is on which management function?
A. planning B. organizing C. leading D. controlling
On which financial statement does Income Summary appear?
a. Statement of retained earnings b. On no financial statement c. Income statement d. Balance sheet
A major advantage of a flat organization is _____
a. good communication among levels of supervision b. a long channel of communication c. the existence of several levels of supervision d. fewer employees reporting to each manager
Budgets are:
A) future oriented. B) for managers only. C) required by GAAP. D) typically not used by small business.