Intrepid Creations is a product design institute which provides educational courses in package design. It manages to acquire the right to use simulation software from Marco Software for a payment of $2,000 a year
There is no clause of expiration on this arrangement and the right to access the software is renewed annually. Which of the following kinds of business arrangements does the aforementioned scenario indicate?
A) a licensing arrangement
B) a general partnership
C) a limited partnership
D) a franchise
A
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Concluding that the book value of inventory is correct when it is materially misstated is an example of which of the following risks?
a. Incorrect rejection. b. Incorrect acceptance. c. Insufficient sample size. d. None of the above.
Which one of the following is NOT a measure that management can use in evaluating and controlling investment center performance?
A) Rate of return on investment B) Negotiated price C) Residual income D) Income from operations
Rowdy Bolton began Bolton Office Services in October and during that month completed these transactions:a. Invested $10,000 cash, and $15,000 of computer equipment in exchange for common stock.b. Paid $500 cash for an insurance premium covering the next 12 months.c. Completed a word processing assignment for a customer and collected $1,000 cash.d. Paid $200 cash for office supplies.e. Paid $2,000 for October's rent.Prepare journal entries to record the above transactions. Explanations are unnecessary.
What will be an ideal response?
Vern's Roofing Company and Weatherall Tiles, Inc., sign a written contract for a sale of goods. To be enforceable, this written contract must include
A. a correct title, such as "Purchase Order" or "Sales Invoice." B. a date, such "November 11, 2011" or "11/11/11." C. a quantity term, such as "50 pallets" or "100 cartloads." D. the parties' cell phone numbers or e-mail addresses.