Normally closing entries are first entered in the general journal and then posted to the work sheet.
Answer the following statement true (T) or false (F)
False
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When goods are sold FOB shipping point, ownership of the inventory is passed when the
A) inventory arrives at the destination B) purchase order for the inventory is complete C) inventory is shipped to the buyer D) inventory sold is segregated from the seller's other inventory
During a company's first year of operations, the asset account, Office Supplies, was debited for $2,300 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $825 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements?
A. Expenses and assets will both increase by $1,475. B. Assets and expenses will both increase by $825. C. Expenses will increase and assets will decrease by $1,475. D. The related adjusting entry has no effect on net income or the accounting equation.
Harold's boss has just told him that he will be moved to a new office in order to allow space for a new copier for the office. Harold is very unhappy with the prospect of having to pack up all his things and then reorganize them in his new area. He also is having trouble understanding why the new copier has to be in his space, instead of someone else's. How would you describe the most likely cause of Harold's resistance?
A. loss of status B. dispositional resistance C. fear of failure D. fear of the unknown E. peer pressure
Functions that are convex have a single local maximum that is also the global maximum
Indicate whether the statement is true or false