When the Cash Short and Over account has a credit balance at the end of the month, it is considered
a. an expense; b. a revenue; c. an asset; d. a liability; e. owner's equity
B
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At Forrest Industries, all sales are on account. Sienna Marcos is responsible for mailing invoices to customers, recording the amount billed, opening mail, recording the payment, and making deposits to the bank. Sienna is very devoted to the family
business and never takes off more than one or two days for a long weekend. The customers know Sienna and sometimes send personal notes with their payments. Another clerk handles all aspects of accounts payable. Sienna's brother, who is president of Forrest Industries, has hired an accountant to help with expansion. REQUIRED: 1 . List some problems with the current accounts receivable system. 2 . What suggestions would you make to improve internal control? 3 . How would you explain to Sienna that she personally is not the problem?
The components of break-even analysis are:
A) cost and profit. B) volume and cost. C) volume, cost and profit. D) volume and profit.
Higher volume in a process is generally associated with:
A) more resource flexibility. B) more capital intensity. C) greater customer involvement. D) fewer opportunities for standardization.
The European Commission is the __________ of the European Union
a. executive branch b. legislative branch c. administrative agency d. police arm