A rock group assigns its payment under a performance contract to the Costume Shop, a business that has supplied the group with outrageous stage outfits, and to which the group owes a great sum of money. This is:
a. a valid assignment because of the rule of freedom to contract.
b. a valid assignment because this is a simple transfer of the right to receive money.
c. an invalid assignment because it increases the burden of the payor.
d. an invalid assignment because this is a personal service contract.
b
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For manufacturing firms, the balance sheet reports the costs of incomplete items as
a. Raw Materials Inventory. b. Work-in-Process Inventory. c. Finished Goods Inventory. d. Cost of goods ready for sale. e. none of the above
The major purpose of the sales presentation is to provide information.
Answer the following statement true (T) or false (F)
Transferring the debit amounts and the credit amounts from the general journal to the general ledger for summarization is known as posting
Indicate whether the statement is true or false
The balance sheet of a business summarizes an entity's revenues and expenses
Indicate whether the statement is true or false