What is the term used to identify the individuals in a company who travel to call on customers in the field?
A) product sales force
B) outside sales force
C) inside sales force
D) industry sales force
E) customer sales force
B
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When are revenues and expenses recognized in the same accounting period that cash receipts and payments occur?
a. Under the cash basis of accounting b. Under the accrual basis of accounting c. Under the adjusting method of accounting d. Under both the cash and accrual bases of accounting
Using the estimate based on sales method of accounting for uncollectible accounts, the entry to reinstate a specific receivable previously written off would include a
A) credit to Bad Debt Expense B) credit to Accounts Receivable C) debit to Allowance for Doubtful Accounts D) debit to Accounts Receivable
Lerner, Inc had the following transactions in 2017, its first year of operations
• Issued 22,000 shares of common stock. The stock has a par value of $3.00 per share and was issued at $16.00 per share. • Issued 1,800 shares of $160 par value preferred stock at par. • Earned net income of $37,000. • Paid no dividends. At the end of 2017, what is total stockholders' equity? A) $677,000 B) $354,000 C) $286,000 D) $640,000
Financial reporting refers to:
A. The application of analytical tools to general-purpose financial statements. B. The communication of financial information useful for decision making. C. Profitability. D. Ratio analysis only. E. General-purpose financial statements only.