If a contract calls for a lease of specific and ascertained goods already in existence, identification takes place at the time the contract is made.
Answer the following statement true (T) or false (F)
True
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The asset account, Supplies, has a balance of $700 on January 1 . During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900 . Which one of the following is a correct amount to be reported on the company's financial statements for the month ending January 31?
a. Supplies Expense—$15,800 b. Supplies on Hand—$700 c. Accounts Payable—$15,800 d. Supplies Expense—$16,700
Concerning the various methods for accounting for uncollectible receivables, the percentage of credit sales method is an example of the allowance method
Indicate whether the statement is true or false
Which of the following is not a downside of portfolio models used to assist a firm in balancing its portfolio of businesses?
A. Portfolio models rely on loose rules regarding resource allocation across the SBUs. B. Portfolio models view each SBU as a stand-alone entity. C. Portfolio models compare SBUs on only two dimensions under the assumption that these are the only factors that matter. D. The evaluation process risks becoming mechanical and oversimplified.
Which of the following is true of a limited partnership agreement?
A. It must provide that all partnership transactions be approved by all partners. B. It does not contain information about dissolution of the partnership, since it is an agreement of formation. C. It must provide that general and limited partners have equal voting rights. D. It sets forth the terms and conditions regarding the termination of the partnership.