Last years ending inventory was overstated. This error would cause ...

A. this periods net income to be overstated

B. This periods net income to be understated

C. This periods end assets to be overstated

D. None of the above

One basic difference between partnership and agency law is that: a. in a partnership, partners are not deemed to be agents of the other partners. b. each partner does not have an ownership interest in the firm. c.

Last year you bought a house for $200,000, and you sell the house this year for $230,000. Unfortunately, the government makes you pay taxes on your capital gains. Assume that the capital gains tax rate is 20%.

During Year 1, Pang Enterprises experienced the following events. (1) Earned $4,000 of revenue on account. (2) Collected $3,500 cash from accounts receivable. The remainder of the receivable was collected in Year 2.

The amount of depreciation expense for a fixed asset costing $95,000, with an estimated residual value of $5,000 and a useful life of 5 years or 20,000 operating hours, is $21,375 by the units-of-output method during a period when the asset was used

Business ethics does not focus on: a. how businesses are treated under international law. b. the decisions businesses must make and whether they are right or wrong. c. how businesspersons apply moral and ethical principles in making their decisions.

Consider a perfectly competitive market in which all firms have the same costs. Choose the statement that is incorrect. A. The market supply curve is upward sloping at prices above the firm's shutdown price. B.

1. Identify a company or organization from which you have received high-quality products and describe the characteristics which make it high quality. 2.

Consider the following list of accounts: Cash Retained Earnings Service Revenue Utilities Expense Salaries Expense Accounts Receivable Accounts Payable Common Stock Equipment Dividends How many of these accounts have a normal debit balance?

On July 9, Mifflin Company receives an $7,400, 90-day, 10% note from customer Payton Summers as payment on account.

Which of the following preventive strategies is described below: Violence often escalates. Behaviors like excessive complaining, hostility, threats, swearing, and sabotage frequently precede more violent incidents.