MGMT 200 EXAMS; PACKAGE DEAL|| A GUARANTEED

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 ...

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...

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...

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 ...

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...

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...

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...

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...

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...

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 ...

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...

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...

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...

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 ...