Management accounting formats are identical for all companies
Indicate whether the statement is true or false
False
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A building was purchased for $250,000. It has accumulated depreciation of $40,000 and an expected residual value of $50,000. Assuming the use of straight-line depreciation, its estimated useful life must be
A) 15 years. B) 10 years. C) 5 years. D) impossible to determine from the facts given.
Firms that reduce the price charged to a customer after the firm has delivered the goods and the customer has found them to be unsatisfactory or damaged issue a
a. sales return. b. sales allowance. c. sales discount. d. sales factor. e. sales price reduction.
Which one of the following statements is TRUE?
A. Asset switching occurs when a company borrows money for a safe investment but uses it for a risky investment. B. An example of an agency cost is when the board of directors pays a dividend to shareholders. C. An example of an agency cost is when an attorney hires an expert witness for a trial. D. The commission required by the Federal Housing Agency for a small business loan is an example of an agency cost. E. An example of an agency cost is the salary of the agent hired to work for the principal.
Wiley Consulting purchased $8700 worth of supplies and paid cash immediately. Which of the following general journal entries will Wiley Consulting make to record this transaction? Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Cash | 8700? | |
| Supplies | 8700? |
B.
| Supplies | 8700? | |
| Accounts Payable | 8700? |
C.
| Supplies Expense | 8700? | |
| Accounts Payable | 8700? |
D.
| Accounts Payable | 8700? | |
| Supplies | 8700? |
E.
| Supplies | 8700? | |
| Cash | 8700? |