A firm's operating budget represents the firm's overall plan of action for a specified time period.
Answer the following statement true (T) or false (F)
False
Operating budgets are budgets that identify projected sales and production goals and the various costs a firm will incur to meet these goals. The firm's master budget organizes the operating and financial budgets into a unified whole, representing the firm's overall plan of action for a specified time period. See 8-5: Budgeting: Planning for Accountability
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On February 3, Smart Company sold merchandise in the amount of $2600 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $1800. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
A.
| Cash | 1720? | |
| Accounts receivable | 1720? |
B.
| Cash | 2600? | |
| Accounts receivable | 2600? |
C.
| Cash | 2520? | |
| Sales discounts | 36? | |
| Accounts receivable | 2556? |
D.
| Cash | 2548? | |
| Sales discounts | 52? | |
| Accounts receivable | 2600? |
E.
| Cash | 1800? | |
| Accounts receivable | 1800? |
Notice of proposed rulemaking must be published in the Federal Register regarding:
a. formal rulemaking proceedings b. informal rulemaking proceedings c. both formal and informal rulemaking proceedings d. Neither of the above. Publication is by publication in the Congressional Record.
What are the four types of organizational cultures identified by Fons Trompenaars? Provide a brief description of each of these cultures.
What will be an ideal response?
Which one of the following is the best example of unsystematic risk?
A. increase in market interest rates B. change in corporate tax rates C. decrease in company sales D. This risk is related to expected portfolio returns E. increase in inflation