An organization buys products and services for one main reason, which is to
A. employ people.
B. achieve its own objectives.
C. satisfy the needs of its suppliers.
D. maintain inventory.
E. beat its competitors.
Answer: B
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Knight's Catering Service receives a May 19th invoice for $150 with terms of 3/10 net 30. If Knight's pays the invoice on May 28th, how much is due?
A. $147.00 B. $150.00 C. $120.00 D. $145.50 E. $153.00
Amortization of the premium on bonds payable is subtracted from net income in the reconciliation of net income to cash flows from operations because
a. interest expense understates the cash paid for interest by the amount of the premium amortization. b. it reduces income without causing a cash outflow. c. it increases income without causing a cash flow. d. it is a financing cash outflow.
Round to the hundredth place: 42.6925
A) 42.6930 B) 42.7000 C) 42.6900 D) 42.6924
Dividends, revenues, and Expenses all:
A) start with the same chart of account number. B) start with different chart of accounts numbers. C) appear in the chart of accounts under assets. D) appear in the chart of accounts under liabilities.