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Woodcrest, Inc. borrowed $50k from a local bank and signed a promissory note. What entry should they record? A. Debit Cash, 50k. Credit Notes Receivable, 50k B. Debit Notes Rec., 50k. Credit Cash, 50k C. Debit Cash, 50k. Credit Notes Pay 50k D. Debit Notes Pay, 50k, Credit Cash 50k correct answe...
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Add to cartWoodcrest, Inc. borrowed $50k from a local bank and signed a promissory note. What entry should they record? A. Debit Cash, 50k. Credit Notes Receivable, 50k B. Debit Notes Rec., 50k. Credit Cash, 50k C. Debit Cash, 50k. Credit Notes Pay 50k D. Debit Notes Pay, 50k, Credit Cash 50k correct answe...
Assets correct answers Debit(+) Credit(-), resources Liability correct answers Debit(-) Credit(+), creditors claims Equity correct answers Debit(-) Credit(+), owners claims Normal Balance Equation correct answers Assets = Liability + Equity Net income correct answers (profit) = Revenues ...
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Add to cartAssets correct answers Debit(+) Credit(-), resources Liability correct answers Debit(-) Credit(+), creditors claims Equity correct answers Debit(-) Credit(+), owners claims Normal Balance Equation correct answers Assets = Liability + Equity Net income correct answers (profit) = Revenues ...
Fisher v. Texas correct answers Fisher application rejected, sued for UT for considering race in application as violation of 14th amendment equal protection. Affirmed for UT Liebeck v. Mcdonalds correct answers Takeaway: face of tort laws for frivolous lawsuits even though she suffered irreparabl...
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Add to cartFisher v. Texas correct answers Fisher application rejected, sued for UT for considering race in application as violation of 14th amendment equal protection. Affirmed for UT Liebeck v. Mcdonalds correct answers Takeaway: face of tort laws for frivolous lawsuits even though she suffered irreparabl...
Credit sales are recorded as: correct answers Debit Accounts Receivable, credit Service Revenue Identify the likely disadvantage(s) of extending credit to customers: correct answers Delay or failure to collect cash Identify the condition(s) that must exist for a sale and the related receiva...
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Add to cartCredit sales are recorded as: correct answers Debit Accounts Receivable, credit Service Revenue Identify the likely disadvantage(s) of extending credit to customers: correct answers Delay or failure to collect cash Identify the condition(s) that must exist for a sale and the related receiva...
Sole proprietorship correct answers person doing business for themselves; - Limited alternatives for raising capital - Owner is liable for debts - No double taxation Partnership correct answers an association of two or more persons to carry on business for profit; either general or limited ...
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Add to cartSole proprietorship correct answers person doing business for themselves; - Limited alternatives for raising capital - Owner is liable for debts - No double taxation Partnership correct answers an association of two or more persons to carry on business for profit; either general or limited ...
Inventory correct answers Includes items a company intends for sale to customers in the ordinary course of business (includes items that are not yet finished products - reported as a CURRENT ASSET in the balance sheet) - the amount the company reports is the cost of inventory NOT YET SOLD (at the...
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Add to cartInventory correct answers Includes items a company intends for sale to customers in the ordinary course of business (includes items that are not yet finished products - reported as a CURRENT ASSET in the balance sheet) - the amount the company reports is the cost of inventory NOT YET SOLD (at the...
Judicial Review correct answers Supreme court majority can decide if a law is constitutional or not, to prevent usurping of rights Executive Branch Election correct answers US reps+2, USPOP/435 STATE POP/electoral vote per group Executive Powers correct answers 1. Veto legislation (can be over...
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Add to cartJudicial Review correct answers Supreme court majority can decide if a law is constitutional or not, to prevent usurping of rights Executive Branch Election correct answers US reps+2, USPOP/435 STATE POP/electoral vote per group Executive Powers correct answers 1. Veto legislation (can be over...
State of Nature correct answers hypothetical position of humanity before the creation of state or government; belief in natural right, idea that everyone is for themselves Laws correct answers Social contracts that restrict people's rights common law correct answers made by judge, follows cus...
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Add to cartState of Nature correct answers hypothetical position of humanity before the creation of state or government; belief in natural right, idea that everyone is for themselves Laws correct answers Social contracts that restrict people's rights common law correct answers made by judge, follows cus...
To record a long-term asset, you must _____ the general ledger account correct answers Debit The proper accounting treatment of research and development costs to develop a patent is to correct answers expense the cost as incurred A tractor held by a farm equipment company for sale to farmers...
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Add to cartTo record a long-term asset, you must _____ the general ledger account correct answers Debit The proper accounting treatment of research and development costs to develop a patent is to correct answers expense the cost as incurred A tractor held by a farm equipment company for sale to farmers...
Credit sales are recorded as A. Debit Cash, credit Deferred Revenue B. Debit Service Revenue, credit Accounts Receivable C. Debit Cash, credit Service Revenue D. Debit Accounts Receivable, credit Service Revenue correct answers D. Debit Accounts Receivable, credit Service Revenue Identify t...
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Add to cartCredit sales are recorded as A. Debit Cash, credit Deferred Revenue B. Debit Service Revenue, credit Accounts Receivable C. Debit Cash, credit Service Revenue D. Debit Accounts Receivable, credit Service Revenue correct answers D. Debit Accounts Receivable, credit Service Revenue Identify t...
types of torts correct answers intentional, based on negligence, and strict liability tortfeasor correct answers someone accused of a tort, can be more than one negligence per se correct answers failure to comply with the requirements of coming to court for a summons, goes straight to damages ...
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Add to carttypes of torts correct answers intentional, based on negligence, and strict liability tortfeasor correct answers someone accused of a tort, can be more than one negligence per se correct answers failure to comply with the requirements of coming to court for a summons, goes straight to damages ...
Torts correct answers private wrong(not a breach of contract) committed by one party that injures another that is remedied by monetary damages do not lead to jail ALONE 1. compensate for innocent party 2. deter similar conduct by others correct answers tort goals Intentional, Negligence, Str...
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Add to cartTorts correct answers private wrong(not a breach of contract) committed by one party that injures another that is remedied by monetary damages do not lead to jail ALONE 1. compensate for innocent party 2. deter similar conduct by others correct answers tort goals Intentional, Negligence, Str...
One can obtain a clear picture of a company's liquidity by referring to its A. Balance Sheet. B. Income Statement correct answers A. Balance Sheet. The advantages of obtaining funds by issuing debt, rather than issuing additional common stock, include which of the following? A. Funds are o...
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Add to cartOne can obtain a clear picture of a company's liquidity by referring to its A. Balance Sheet. B. Income Statement correct answers A. Balance Sheet. The advantages of obtaining funds by issuing debt, rather than issuing additional common stock, include which of the following? A. Funds are o...
What is the law? correct answers A body of rules and conduct prescribed by controlling authority and having binding legal effect Law is prescribed by whom? correct answers Separation of Powers What is the separation of powers? correct answers Three branches of government, whose rights are deri...
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Add to cartWhat is the law? correct answers A body of rules and conduct prescribed by controlling authority and having binding legal effect Law is prescribed by whom? correct answers Separation of Powers What is the separation of powers? correct answers Three branches of government, whose rights are deri...
A company's capital structure refers to: correct answers Its mixture of liabilities and stockholders' equity. Airline Accessories obtains a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. What amount would be recorded as the reduction in principal for the first full ...
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Add to cartA company's capital structure refers to: correct answers Its mixture of liabilities and stockholders' equity. Airline Accessories obtains a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. What amount would be recorded as the reduction in principal for the first full ...
Considerations for choosing BUSINESS ENTITIES correct answers -TAXES: different entities have different tax structures -PERSONAL LIABILITY: possibility of losing personal assets to pay business debts SOLE PROPRIETORSHIP correct answers -1 person -No separate legal entity -Majority of U.S. bus...
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Add to cartConsiderations for choosing BUSINESS ENTITIES correct answers -TAXES: different entities have different tax structures -PERSONAL LIABILITY: possibility of losing personal assets to pay business debts SOLE PROPRIETORSHIP correct answers -1 person -No separate legal entity -Majority of U.S. bus...
stipulation correct answers where both parties agree to a version of at least some of the facts before trial; saves time, arguments, research Test for ineffective assistance of counsel correct answers 1. specific acts or omissions that were outside of the bounds of competent assistance (negligenc...
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Add to cartstipulation correct answers where both parties agree to a version of at least some of the facts before trial; saves time, arguments, research Test for ineffective assistance of counsel correct answers 1. specific acts or omissions that were outside of the bounds of competent assistance (negligenc...
Caveat emptor correct answers Let the buyer beware How are law and ethics intertwined? correct answers The "law" is societies codification of ethics; laws and regulations make certain unethical conduct legal. Ethics correct answers Determining the right thing to do, via moral reasoning Wa...
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Add to cartCaveat emptor correct answers Let the buyer beware How are law and ethics intertwined? correct answers The "law" is societies codification of ethics; laws and regulations make certain unethical conduct legal. Ethics correct answers Determining the right thing to do, via moral reasoning Wa...
When a company provides services on account, which of the following accounts is debited? correct answers accounts receivable The amount of cash owed to the company by its customers from the sale of products or services on account is known as: correct answers accounts receivable A sales discoun...
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Add to cartWhen a company provides services on account, which of the following accounts is debited? correct answers accounts receivable The amount of cash owed to the company by its customers from the sale of products or services on account is known as: correct answers accounts receivable A sales discoun...
information provided for internal users is managerial or financial accounting correct answers managerial information provided for external users is managerial or financial accounting correct answers financial accounting transactions the company has with investors and creditors are what activit...
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Add to cartinformation provided for internal users is managerial or financial accounting correct answers managerial information provided for external users is managerial or financial accounting correct answers financial accounting transactions the company has with investors and creditors are what activit...
1) What is the primary purpose of financial accounting? correct answers Measure business activities and communicate those measures to external users to make decisions. 2) Which business form has the advantage of limited liability? correct answers Corporation. 3) Stimpleton Company engages in t...
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Add to cart1) What is the primary purpose of financial accounting? correct answers Measure business activities and communicate those measures to external users to make decisions. 2) Which business form has the advantage of limited liability? correct answers Corporation. 3) Stimpleton Company engages in t...
Preparing a budget for a business is considered A. financial accounting. B. managerial accounting correct answers B Accounting is the information system that A. measures business activities B. communicates the results to decision makers C. processes information into reports D. all of the ab...
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Add to cartPreparing a budget for a business is considered A. financial accounting. B. managerial accounting correct answers B Accounting is the information system that A. measures business activities B. communicates the results to decision makers C. processes information into reports D. all of the ab...
Corporation correct answers a company that is legally separate from its owners Advantage of Corporation correct answers Answer: -limited liability Limited Liability correct answers -the investor can only lose how much they invested -prevents stockholders from being held personally responsibl...
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Add to cartCorporation correct answers a company that is legally separate from its owners Advantage of Corporation correct answers Answer: -limited liability Limited Liability correct answers -the investor can only lose how much they invested -prevents stockholders from being held personally responsibl...
State of Nature correct answers Hypothetical position of humanity before the creation of state or government Laws correct answers Social contracts that restrict people's rights Common law correct answers Judge made, follows customs and precedent, law derived by courts Stare decisis correct...
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Add to cartState of Nature correct answers Hypothetical position of humanity before the creation of state or government Laws correct answers Social contracts that restrict people's rights Common law correct answers Judge made, follows customs and precedent, law derived by courts Stare decisis correct...
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