If Taylor Willow, the sole stockholder of Willow Hardware, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to:
A. Debit Cash and credit Salary Expense.
B. Debit Dividends and credit Cash.
C. Debit Cash and credit Dividends.
D. Debit Automobiles and credit Cash.
E. Debit Salary Expense and credit Cash.
Answer: B
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Common language does not involve the use of indicators or actual counts.
Answer the following statement true (T) or false (F)
As friendship increases, we tend to become more ______, a quality we demonstrate by going out of our way for the other person, becoming more open and expressive, and accepting one another.
A. trustful B. accepting C. other-oriented D. expressive
In 2016, its first year of operations, Wilber Company reported pretax accounting income of $60,000. Included in the $60,000 was an expense for accrued, unpaid warranty costs of $8,000, which are not deductible until paid for income tax purposes. Wilber's income tax rate was 20%. The entry to record the income tax expense would include a
A) credit to Income Tax Expense for $12,000. B) credit to Income Taxes Payable for $12,000. C) credit to Deferred Tax Liability for $1,600. D) debit to Deferred Tax Asset for $1,600.
Which of the following statements about cultural relativism is accurate?
a. The follower of this theory believes that members of larger society have and should respect common interests. b. It seeks to minimize human bias. c. It will naturally advance the personal success or interests of one who follows it. d. Being a higher-level ethical theory, it is not possible to advance out of cultural relativism.