Bus 302 Study guides, Class notes & Summaries

The Village Laundry Company purchased 6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only 3,000 on hand. The adjusting entry that should be made by the company on June 30 is - Answer Debit Laundry Supplies Expense, 3,500; Credit Laundry Supplies, 3,500. 6,500 - 3,000 = 3,500

In the annual report, where would a financial statement reader find out if the company's financial statements give a fair depiction of its financial position and operating results? - Auditor's report Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? - Going Concern Assumption Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the ...

BUS 302L - Business Law Questions and Answers | Latest Update | Already Graded A **Question:** Paul visited Dan's Bookstore and was briefly detained by Dan on suspicion of theft, which later proved to be unfounded. Paul subsequently sued Dan for false imprisonment. What legal principle is likely to determine the outcome of this case? **Options:** - Dan will prevail if he acted reasonably based on a suspicion of theft. - Dan will lose because no theft occurred. - Dan's actions...

Budgets are ~~> Used by individual, staffs, managers department. Management accountant place more emphasis on which of the following: ~~> future activities A listing of line item that the organization will use to classify its accounting information is? ~~> balance sheet The primary purpose for carrying on "cost accounting activity" is ~~> To plan operation Cost volume profit (CVP) analysis to answer which of the following ~~> ALL 2 | P a g e | © copyright 2024/...

In the annual report, where would a financial statement reader find out if the company's financial statements give a fair depiction of its financial position and operating results? Answer> Auditor's report Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? Answer> Going Concern Assumption Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities...

A test is one-tailed when the alternate hypothesis, H1 or HA, states a direction, such as: - Answer < or > H0 - Answer = 2-tailed Alternative - Answer - Population mean not equal to number - Population proportion not equal to fraction A test is two-tailed when no direction is specified in the alternate hypothesis - Answer "≠" split α

BUS 302L FINANCIAL ACCOUNTING EXAM WITH QUESTIONS AND ANSWERS...

Offer Requirements Answer> 1. intent to contract 2. definiteness of terms 3. communicated *NOT ADS Firm Offer Requirements (Merchant Rule) Answer> 1. be made by an offeror who is merchant 2. be contained in a signed writing 3. give assurances that the offer will be kept open (max 90 days) Unilateral Contract Answer> when only one party makes a promise *rewards program, lost dog Bilateral Contract Answer> both parties make promises and the contract is formed after they ...

A company sells pretzels for $1.50/bag. Their February ending inventory was $1,600. Marketing prepares the following forecast: January 15,000 bags February 12,000 bags March 16,000 bags Total 43,000 bags Projected sales for April are 13,000 bags. Try to maintain 10% of the next month's forecasted sales in inventory. What is the projected for March? Answer> 13,000*10%= 1,300 March: 16,000 Feb ending inv: (1,600) =1,300+16,000-1,600 = 15,700 Same info as no 1. What is the sales b...

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