Emerald, Inc., earned revenues of $69,000 and incurred expenses of $74,000. No dividends were declared. Which of the following statements is correct?
A) The entry to close Income Summary is the same regardless of a net income or a net loss.
B) Retained Earnings will be debited for $5,000 and Income Summary will be credited for $5,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary requires a debit to the Income Summary account.
B
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In-house developed systems are less reliable than commercial software
Indicate whether the statement is true or false
Digital Corporation The following data concern Digital Corporation for 2012. Credit sales during the year $2,400,000 Accounts receivable--December 31, 2012 410,000 Allowance for bad debts--December 31, 2012 55,000 Bad debt expense for the year 35,000 Refer to the information provided for Digital Corporation. What are the effects on the accounting equation when Digital makes the adjustment to
record bad debt expense using the allowance method? A) Assets increase and liabilities decrease B) Assets and equity decrease C) Assets increase and equity decreases D) Assets decrease and equity increases
The marketing concept was introduced ________.
A. after World War I B. in the 1950s C. after the Civil War D. in the 1980s E. during the Great Depression
Employee communication has several purposes. Which one of the following purposes serves to help employees "understand and internalize the organization's culture and values"?
A. Acculturating employees D. Listening to employees B. Envisioning employees E. Connecting employees C. Informing employees