On May 31, the Cash account of Bottle's R US had a normal balance of $5,000. During May, the Cash account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May?
A. A $4,300 debit balance.
B. A $0 balance.
C. A $4,300 credit balance.
D. A $5,700 debit balance.
E. A $5,700 credit balance.
Answer: A
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International investors believe that when a country gets into financial trouble, the IMF will rescue the country, thus reducing the investors' risk. As a result, investors take greater risks than they would otherwise. This is an example of
A. a risk premium. B. a lender of last resort. C. adverse selection. D. moral hazard.
Which one of the following statements is false?
a. The inventory account is updated after every sale and after every merchandise purchase under the perpetual inventory system. b. The inventory account is updated only at the end of the accounting period under the periodic inventory system. c. A purchases account is used only under the periodic inventory system. d. A cost of goods sold account is updated after each sale of merchandise under the periodic inventory system.
Bottlenecks are
a. machine constraints in the production line. b. machine constraints that restrict the production cycle so idle time at other processes occurs. c. useful for identifying any production spot slowdown. d. restrictions on raw material sources but not the quantity of output.
SCENARIO-BASED QUESTIONS Rotary Club Invites Speaker The Rotary Club in your city would like to invite the attorney general of your state to speak at its monthly meeting. Although the attorney general seldom accepts these kinds of invitations, you
believe that you can persuade her to make an exception by asking her to discuss one of her special projects, ethical business practices. A complicating factor for you is that the meeting you want the attorney general to attend is only two months away. Required: As secretary of the Rotary Club, write this request, adding whatever terms of persuasion you feel would be necessary to influence the attorney general to accept the invitation. Address the letter to Ms. Susan Reston, the attorney general of your state.