Nominal account balances are reduced to zero by closing entries
Indicate whether the statement is true or false
T
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In preparation for the employment interview, what should students do?
a. send out several resumes even to companies they are not interested in b. attend job fairs and do their homework on companies where they want to work c. take workshops on interviewing and eating etiquette d. ask their friends and teachers to coach them on how and where to interview
Treasury stock is reported as an asset on the balance sheet because treasury shares may be sold later
Indicate whether the statement is true or false
Intercompany sales
a. do not need to be eliminated as long as the sales have been completed to an outside party. b. must be eliminated from both the sales and cost of goods sold accounts. c. do not need to be eliminated if made at arm's length values. d. must be eliminated only if not in the ordinary course of trade or business. e. do not need to be eliminated.
In a well-structured sales department, inside and outside salespeople often:
A) compete for sales and customers B) duplicate their efforts and increase the company's cost per sale C) work together to generate leads, close sales, and provide service D) exchange leads depending on what the expected sales will be E) combine their monthly sales figures to increase commissions