Estimated liabilities commonly arise from all of the following except:
A. Warranties.
B. Unearned revenues.
C. Vacation benefits.
D. Employee benefits.
E. Income taxes.
Answer: B
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Which of the following is the appropriate entry to record the declaration of cash dividends?
a. Dividends Payable – Debit; Cash – Credit b. Additional Paid-in Capital – Debit; Dividends Payable – Credit c. Dividends– Debit; Dividends Payable – Credit d. Retained Earnings– Debit; Cash – Credit
Connie is a manager at a local golf course. Though Connie sticks to her budget, some patrons have complained that the golf carts are not worth the rental price because many are not in working condition. With which type of resource is Connie struggling?
a. human b. financial c. physical d. informational
When you build value into your sales process, you increase the odds that the customer will give you a referral
Indicate whether the statement is true or false
What statements are required to be prepared before a balance sheet is prepared?
a. An income statement and a statement of retained earnings. b. A statement of retained earnings and a statement of cash flows. c. An income statement, a statement of retained earnings, and a statement of cash flows. d. An income statement and a statement of cash flows.