In the general journal, reversing entries are dated as of
A. the last day of the old fiscal period.
B. any time before the end of the fiscal period.
C. the first day of the new fiscal period.
D. any day during the month of the new fiscal period.
Answer: C
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Which of the following is not a supertrend shaping the future of business?
A. more niche products B. information becoming a competitive advantage C. traditional companies struggling with radically innovative change D. offshore suppliers affecting U.S. business E. faster speed-to-market
The basic accounting equation can be restated in terms of cash by the following equation: Cash = current liabilities + long-term liabilities + capital stock – retained earnings – noncash current assets + long-term assets
a. True b. False Indicate whether the statement is true or false
Solve the equation: 
A. 4 B. 5.5 C. 12 D. 8.25
Distinguish between escapable and inescapable costs. Give an example