Which of the following best describes when an accrual adjustment is required?
A. An expense has not been incurred nor has it been paid in cash.
B. An expense has been incurred but not yet paid in cash.
C. An expense has been incurred and paid in cash.
D. An expense has not been incurred, but cash has been paid.
Answer: B
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Which of the following best describes the role of corporate governance?
A. Management often is compensated based on the company's profitability. B. Management decides which accounting principles are the most appropriate. C. Holding the management team accountable to shareholders and other constituents for the utilization of the entity's resources. D. Shareholders vote to decide who should be members of the board of directors.
Sarbanes-Oxley Act requires all U.S. companies to maintain adequate internal control systems
Indicate whether the statement is true or false
From a retailer's perspective, which of the following is a good rule for resolving customer complaints?
A. Encourage store employees to have an antagonistic attitude when handling customer complaints. B. Instruct store employees to assume what solution the customer is seeking. C. Allow the customers to complain if they feel they have not been treated properly. D. Interrupt customers when they are airing their complaints. E. Motivate store employees to assume they know what the customer is complaining about.
Most major currencies are
A. managed against either the dollar or the euro. B. allowed by their central banks to float freely. C. pegged to the dollar. D. coordinated by their central bankers in collaboration.