Communication in successful work teams

a. is the same as the process of communication in traditional organizations.
b. is affected primarily by trust building and shared leadership.
c. places reduced emphasis on listening, problem solving, and conflict resolution.
d. replaces vertical information flow with horizontal flow.


B

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On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Otisco, Inc. after adjustments on December 31 of the second year assuming the company is using a calendar-year reporting period and the previous year adjustment had been made?

A. $516. B. $1,548. C. $387. D. $0. E. $645.

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The distinction between recognition and realization is essential to accrual accounting, hence the importance accorded to recognition criteria. Firms recognize items that qualify for inclusion in the financial statements when they enter the financial statements. In the case of value decreases, the firm

a. recognizes the decreases as impairment expenses when it realizes the collection of the reduced cash flows. b. recognizes the decreases as cost of goods sold when the decreases occur before it realizes the collection of the reduced cash flows. c. recognizes the decreases as impairment expenses when the decreases occur before it realizes the collection of the reduced cash flows. d. recognizes the decreases as cost of goods sold when it realizes the collection of the reduced cash flows. e. None of these answer choices is correct.

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Tax-exempt interest earned by an S corporation is not reported to its shareholders because it is excluded from the shareholders' gross income.

Answer the following statement true (T) or false (F)

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Which of the following statements best phrases a negative comment positively?

A. You don’t have an eye for detail, but you really do have a great sense of the big picture. B. You do a good job of visualizing the big picture, and you’d be even more effective if you improved your attention to detail. C. I don’t know anyone better than you at seeing the big picture, but you could really stand to improve your attention to detail. D. You need to improve your attention to detail, but you’re already wonderful at seeing the big picture.

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