Which of the following is not a general assumption that underlies the retail inventory method?
A) All inventory items are homogenous and have the same markup.
B) The items in ending inventory are in proportion to the items available for sale.
C) There were no changes in the retail price of inventory purchased during the period except the changes captured by markups and markdowns.
D) The cost-to-retail ratio remains constant over the accounting period
A
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Laminates Inc has as age of inventory of 43 days, an age of receivables of 47 days and an age of payables of 61 days. Their closest competitor, Natural Inc, has comparable numbers of 51 days, 32 days and 55 days
Which of the following statements is TRUE? A) Laminates has the shorter and more desirable working capital gap of 57 days compared to Natural's WCG of 74 days. B) Laminates has the longer and less desirable working capital gap of 65 days compared to Natural's WCG of 36 days. C) Laminates has the shorter and less desirable working capital gap of 28 days compared to Natural's WCG of 49 days. D) Laminates has the longer and less desirable working capital gap of 29 days compared to Natural's WCG of 28 days.
E-Z Rid disposes of toxic wastes. Elmo worked for E-Z. He contacted clients, negotiated contracts, and oversaw the daily operations at E-Z. The company is so busy its safety procedures are overlooked to get all the work done. Elmo knew safety lapses at E-Z (including improperly burying toxic waste) were common, but he overlooked this because he wanted the company to succeed. Elmo happy until one
day he and Jo Wong, president of the E-Z, had an argument. Elmo quit and began to look for another job. Extracto, a rival of E-Z, needed someone like Elmo. He interviewed and thought he would get the job. But when Extracto got a letter describing Elmo's work, they told him they could not hire him. Jo had written a negative and partly untrue account of his work record. Elmo started his own business and contacted many of E-Z's clients. He told them that E-Z was having safety problems, that they could be financially liable for E-Z's negligence, and that Jo was unstable. Many of E-Z's customers switch to do business with Elmo. When Jo discovered what Elmo had done she was furious. She bought a one-page ad in the local paper which stated that Elmo was a careless businessman whose business was bound to be awful, and who embezzled funds from clients in the past (not true). Elmo then stormed onto E-Z's property and went into Jo's office. After calling her a no-good liar, Elmo slapped her. Elmo's reaction to Jo's one-page advertisement may subject him to which legal action(s) by Wong: a. battery b. conversion c. trespass d. all of the answers apply e. none of the answers apply
The Clean Air Act establishes standards for the construction of new industrial plants depending on the local air quality
a. True b. False Indicate whether the statement is true or false
In Microsoft Access, you can use ODBC to connect to SQL Server in place of the ADE database engine
Indicate whether the statement is true or false