As firms grow, owner managers often need to hire functional specialists to handle the increased information-processing burden.

a. True

b. False

Which of the following is NOT a characteristic of secure property rights? A. The property itself must be able to be defined. B. Ownership rights must be enforced under the rule of law. C. The owner must be able to sell or give the property away. D.

Cool Taste Company recorded $5,000 in sales on account for the week. What effect does this transaction have on the accounting equation?

Sue Kim is trying to decide which shoes to order for the next season. She has examined the sales reports and walked the sales floor. She thinks she has a good idea, but she still asks her staff at the next meeting though, just to be sure.

A salesperson can create an express warranty to which his/her company is legally bound.

FIFO and LIFO are two common methods used to compute the depreciation of tangible assets. True or false?

Amendments involving changes to irb approved protocols do not need prior irb approval if: the investigator keeps careful records of all changes and includes them in the final report. They are eligible for review using expedited procedures.

The Inventory account is used in each of the following except: the entry to record goods purchased on account. the return of goods purchased. payment of freight on goods sold. payment within the discount period.

What are the advantages of having the federal reserve oversee the regulation of the banking system?

The Dow Jones Industrial Average is: a A good measure of the strength of the U. S. economy b Very stable from day to day c An indicator of the long-term value of stocks d Can predict global markets

An analysis of the accounts shows the following. 1. The equipment depreciates $248 per month. 2. One-third of the unearned rent was recognized as revenue during the quarter. 3. Interest of $550 is accrued on the notes payable. 4.