Identify a true statement about balance of payments.
A. It measures the value of one nation's currency relative to the currency of other nations.
B. It is a basic measure of the difference between a nation's exports and imports.
C. It typically corresponds to the balance of trade.
D. It includes domestic borrowing and excludes foreign borrowing.
Answer: C
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Use the five transactions for Hennigan Company described below to answer the question(s) that follow(s). Dec 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8 Hennigan accepts advance deposits for tool Company of $75. 15 Hennigan receives a bill from Farmer's Electric Company for $150 . Payment is due in 30
days. 20 Customers are charged $750 by Hennigan for tool Company. Payment is due from the customers in 30 days. 31 Hennigan receives $500 in payments from the customers that were billed for Company on December 20. Refer to the transactions for Hennigan Rentals. Based on the October 31 transaction, Hennigan will record which of the following in its accounting records? a. a credit in Accounts Payable for $500. b. a credit in Accounts Receivable for $500. c. a debit in Accounts Payable for $500. d. a debit in Accounts Receivable for $500.
Which of the following statements is not true about depreciation for tax purposes?
A) The straight-line method is used for most assets. B) The same methods are not acceptable for financial reporting. C) Plant assets are written off rapidly. D) There is a bonus first-year deduction.
Answer the following statements true (T) or false (F)
1. Franchisees are not considered by some to be real entrepreneurs or intrapreneurs. 2. A new venture is a new business or a new line of business. 3. There has been a decrease in the number of colleges teaching students how to be entrepreneurial. 4. Approximately half of new businesses survive less than five years.
Which of the following is an example of a low-context culture?
A. Japan B. Arab countries C. Germany D. Greece