Which of the following is an entrepreneurial characteristic?
a. a strong drive to succeed
b. superior intelligence
c. high risk taking
d. low morals
ANSWER: a
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A law firm billed a client $3000 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?
A. Debit Accounts Receivable, $3000; credit Legal Fees Revenue, $3000. B. Debit Cash, $3000; credit Accounts Receivable, $3000. C. Debit Accounts Receivable, $3000; credit Unearned Legal Fees Revenue, $3000. D. Debit Cash, $3000; credit Unearned Legal Fees Revenue, $3000. E. Debit Legal Fees Revenue, $3000; credit Accounts Receivable, $3000.
A third-party event benefits sponsoring firms because the purpose of the event is tailored to the marketing objectives of each organization
Indicate whether the statement is true or false
What is the name of an agreement between an owner of property and another in which
the owner of the property gives the other person the right to use the property for a set period of time? a. Unlawful detainer b. Eviction c. Lease d. Foreclosure
Variable costing is more appropriate than absorption costing when the decision? ________.
A) relates to production planning within the capacity limits in the short run B) does not involve analysis of profitability based on sales mix C) does not involve analysis of contribution margin D) involves reducing fixed costs that are controllable by the upper management