Accountants should not reverse the adjustment of prepaid insurance to recognize insurance expense at the end of the accounting period because:
a. Prepaid Insurance is a liability account.
b. Prepaid Insurance should never be adjusted.
c. doing so results in a change from accrual basis accounting to cash basis accounting.
d. there is no transaction in the following accounting period to offset a reversing entry as there is for the accrual of assets and liabilities.
What is the name of the financial report whose format most closely resembles that of a budget?
a. Balance sheet
b. Income statement
c. Debt service summary
d. Statement of cash flows
Business travel demand varies widely by season of the year and day of the week.
Indicate whether the statement is true or false
Which of the following would a kosher supervisor not do?
a. Bless the food
b. Inspect lettuce for signs of insects
c. Check for certification labels on packaged foods
d. Call the manufacturer if there is any doubt about the kosher status of an item
e. The kosher supervisor does all of these
What are some substitutes for leisure travel?
What will be an ideal response?
Who do communities that do not have convenient transportation infrastructure tend to attract?
What will be an ideal response?
Gaming Control Boards that are authorized by State and Tribal Gaming Commissions have extremely broad duties and powers. These include all of the following, EXCEPT:
a. determining the eligibility and suitability to receive a casino license
b. supervising casino gambling operations in the state
c. investigating alleged violations of the gaming regulations
d. determining manufacturers of all gaming-related products used in casinos
e. requiring licensees to file reports on gaming education activities
What does a small letter p next to a kosher certification label mean?
a. The product was not prepared with meat or dairy
b. The product contains dairy
c. The product contains meat
d. The product is pasteurized
e. The product contains live cultures
What is the last step in the procurement process?
a. Supplier selection
b. Supplier negotiation
c. Contract execution
d. Development product requirement
e. Writing up proposals
Which of the following items do accountants neither publish nor give to managers?
a. the statement of owner's equity
b. the worksheet
c. the balance of the owner's capital account
d. the income statement
Quick Reply
