The name selected by a general partnership cannot indicate that it is a corporation.
Answer the following statement true (T) or false (F)
True
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When groups are brainstorming,
a. the more ideas, the better. b. only ideas that will work should be recorded. c. team members should record their own ideas independently. d. teams should discuss an idea before adding it to the list of possible solutions.
The Golf Club Company makes custom golf clubs. The manufacturing supervisor interviews people who have specialized manufacturing skills, and he informs payroll when an employee is hired. The employees use a time clock to record the hours they work. The
employees are also required to keep a record of the time they spend working on each order. The supervisor approves all time cards. The accountant analyzes the job tickets and prepares a labor distribution summary. Payroll prepares the payroll register and paychecks. The supervisor distributes the paychecks to the employees. Payroll informs cash disbursement of the funds required to cover the entire payroll amount. The cash disbursements clerk ensures that there are adequate funds in the company's regular checking account to cover the payroll. Describe at least three internal control weaknesses; for each weakness suggest an improvement to internal control.
Budgeting is the process of identifying, gathering, summarizing, and communicating financial and nonfinancial information about an organization's future activities
Indicate whether the statement is true or false
How does the collection of cash from a customer who was previously put on account affect the accounting equation?
A) assets decrease; owner's equity decreases B) assets increase; owner's equity increases C) assets increase; assets decrease D) assets increase; liabilities increase