The acquisition of land in exchange for common stock is an example of noncash investing and financing activity
a. True
b. False
Indicate whether the statement is true or false
True
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If a seller delivers nonconforming goods to a buyer and the buyer rejects them, the risk of loss
remains on the seller until either the defect is cured or the buyer accepts the nonconforming goods. Indicate whether the statement is true or false
The City Symphony Orchestra presents a series of concerts throughout the year. Budgeted fixed costs total $300,000 for the concert season; variable costs are expected to average $5 per patron. The orchestra uses flexible budgeting.Required: A. Prepare a flexible budget that shows the expected costs of 8,000, 8,500, and 9,000 patrons.B. Construct the orchestra's flexible budget formula.C. Assume that 8,700 patrons attended concerts during the year just ended, and actual costs were: variable, $42,000; fixed, $307,500. Evaluate the orchestra's financial performance by computing variances for variable costs and fixed costs.
What will be an ideal response?
A person who risks his or her time, effort, and money to start and operate a business is called a(n)
A. free-market specialist. B. entrepreneur. C. intrapreneur. D. competitor. E. profit taker.
Which of the following is recorded with a debit to Cash and a credit to Notes Receivable?
A. The adjusting entry to record interest owed. B. The issuance of a note. C. The receipt of the principal payment. D. The receipt of an interest payment.