On February 1st, your accrual based company incurs $500.00 for services. On February 25th, your company pays $300.00 towards the services and then, on March 5th, pays the $200.00 balance. How is the $200.00 payment made in March recorded?

A CPA can accept a gift from a client as long as: Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule Adequate internal controls exist in the client entity to ensure gifts are made without any

Miss Kehinde, a kindergarten teacher, attends conferences, reads professional journals and is starting an advanced degree in early childhood education. Her actions are an example of a teacher who is

The two factors that determine the costs of manufacturing inputs (materials, labor, and overhead) are price and quantity. a. True b. False

Suppose that in each of four successive years producers sell more of their product and at higher prices. This could be explained: a. By small annual increases in supply. b. In terms of a stable supply curve and increasing demand. c.

Knowledge Check 01 Provided below is summary income statement data for Freedom Corporation. Amount Sales $ 800,000 Cost of goods sold 350,000 Operating expenses 180,000 Other expense 30,000 Income tax expense 20,000 Net income $ 220,000 Using

Economies of scale are ways that a company can lower the cost per unit by selling more units overall A. True B. False

Suppose warren buffet withdraws $1 million from his checking account at chase manhattan bank. if the required reserve ratio is 20 percent, what is the maximum change in deposits in the banking system?

The market system's answer to the fundamental question "how will the goods and services be produced?" is essentially

You're trying to determine whether to expand your business by building a new manufacturing plant. The plant has an installation cost of $12.1 million, which will be depreciated straight-line to zero over its four-year life.

What is the difference is between saving and investing?