Problems usually are of three types. Which of the following is not one of those types?
A. Opportunity
B. Recurring
C. Crisis
D. Routine
Answer: B
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Which activities belong in the sales department?
A. Supports the sales by planning, pricing, and promoting goods or services. B. Records, measures, and reports monetary transactions. C. Relies on information from operations to understand inventory, place orders, and forecast consumer demand. D. Tracks strategic financial issues, including money, banking, credit, investments, and assets.
Managerial accounting is designed to satisfy needs of external users including creditors, investors, and governmental agencies.
Answer the following statement true (T) or false (F)
Esther was happy in her job and was not looking to make a change. Her friend, Leah, worked at TruTech. TruTech had several job openings and encouraged its employees to refer suitable candidates. Leah thought Esther would be perfect for the job and recommended her for it. In this recruitment scenario, the applicant was active and the company was passive.
Answer the following statement true (T) or false (F)
On November 1, Orpheum Company accepted a $11,200, 90-day, 9% note from a customer to settle an account. What entry should be made on November 1 to record the acceptance of the note?
A. Debit Sales $11,200; credit Accounts Receivable $11,200. B. Debit Note Receivable $11,200; credit Cash $11,200. C. Debit Note Receivable $11,200; credit Accounts Receivable $11,200. D. Debit Note Receivable $11,200; credit Sales $11,200. E. Debit Note Receivable $11,452; credit Accounts Receivable $11,200; credit Interest Revenue $252.