A ________ is a short-term, unsecured promissory note issued by a corporation with a very high credit standing
A) negotiable certificate of deposit
B) repurchase agreement
C) money market mutual fund
D) commercial paper
D
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In exchange for a pledge to carry at least 40 different Procter & Gamble products, participating stores receive regular visits from P & G representatives who tidy and arrange display areas. This motivational program is referred to as:
A) "buy-in-bulk" store program. B) "high-frequency" store program. C) "mom-and-pop" store program. D) "shop operators" program. E) "golden store" program.
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning inventory$123,500? $130,700? Cost of goods purchased 250,700? 278,500? Cost of goods available for sale 374,200? 409,200? Ending inventory 130,700? 135,700? Cost of goods sold$243,500? $273,500? Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,700 and 2) ending inventory at the end of Year 2 was overstated by $6700. Given this information, the correct cost of goods sold figure for Year 2 would be:
A. $295,900 B. $289,200 C. $266,800 D. $280,200 E. $252,500
The FASB's conceptual framework defines a(n) _____ as a probable future sacrifice of economic resources arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events
a. asset b. liability c. equity d. revenue e. expense
To prevent problems, a principal-agent contract should be in writing
Indicate whether the statement is true or false