In reconciling a bank statement, the bank balance is $2,100, and the checkbook balance is $2,001. Which of the following is the most probable reason for the bank balance being larger than the book balance?
A) There are outstanding checks.
B) The bank has deducted certain amounts for bank service charges.
C) A deposit in transit was made at the end of the month.
D) The company erroneously recorded a check for an amount less than the actual amount.
A) There are outstanding checks.
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Which one of the following statements is true?
a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. c. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. d. A subsidiary ledger takes the place of the control account for some companies.
What type of fraud occurs when the deposits of current investors are used to pay returns on the deposits of previous investors with no real investment happening?
a. Skimming. b. Ponzi Scheme c. Channel Stuffing. d. Payroll Fraud.
At the break-even point, fixed costs are always
a. less than the contribution margin. b. equal to the contribution margin. c. more than the contribution margin. d. more than the variable cost.
Claire needs to motivate Phil to reach a higher sales goal. She decides to make a clear and easy to understand plan for Phil to use to help the sales process. Phil can refer to this plan to see how much he should sell and when he should accomplish each sales goal. Claire focused on which characteristic of goal setting theory?
a. Specific goals b. Difficult goals c. Goal acceptance and commitment d. Feedback