Rhetorical questions
a. are used to close a conversation.
b. include the word "exactly."
c. do not require an answer.
d. none of these choices.
C
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Which of the following could not possibly be a closing entry?
a. Debit Income Summary and credit Dividends. b. Debit Income Summary and credit Retained Earnings. c. Debit Retained Earnings and credit Dividends. d. Debit Retained Earnings and credit Income Summary.
Which of the following is true about functional planning?
A) It is conducted by the various functional areas of a firm. B) It is also called hierarchical management. C) It encompasses a longer time span than strategic planning does. D) It covers a shorter time span than operational planning does. E) It is the same as strategic planning.
Cost accounting information is helpful to management for pricing decisions but has no effect on controlling costs.
Answer the following statement true (T) or false (F)
A company borrowed $80,000 from a bank by signing a long-term note payable. The journal the transaction would be recorded in is the:
A. Cash payments journal. B. Purchases journal. C. General journal. D. Sales journal. E. Cash receipts journal.