________ specify the low-level detailed actions that must be taken by specific employees
A) Procedures
B) Processes
C) Both A and B
D) Neither A nor B
Answer: A
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The authoritative executional framework performs well in:
A) print ads and on websites B) broadcast ads C) television D) billboards
Some of the steps in the accounting cycle are listed below. Select the choice that places these steps in the correct order. 1 . Close the accounts. 2 . Post transactions to accounts in the ledger. 3 . Journalize daily transactions. 4 . Record and post adjustments. 5 . Prepare financial statements
a. 2, 3, 4, 5, 1 b. 3, 2, 4, 5, 1 c. 3, 2, 4, 1, 5 d. 3, 2, 5, 4, 1
If the length of downtime increases, the cost incurred decreases
Indicate whether the statement is true or false
Builder Construction Company's projects extend over several years and collection of receivables is reasonably certain. Each project has a contract that specifies a price and the rights and obligations of all parties. Both the contractor and the customer are expected to fulfill their contractual obligations on each project. Reliable estimates can be made of the extent of progress and cost to
complete each project. The method that the company should use to account for construction revenue is a. installment sales. b. percentage-of-completion. c. completed-contract. d. cost recovery.