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3 years ago

Question 5 (60 points)

Business

1 answer:

Natasha2012 [34]3 years ago

5 0

Answer:

Classify each of the following account types by selecting options 1 through 5.

Explanation:

Question 5 options:

a) Office Building Fixed Assets

b) Accounts Payable Current Liabilities

c) Supplies Current Assets

d) Land Fixed Assets

e) Equipment Fixed Assets

f) Cash Current Assets

g) Salaries Payable Current Liabilities

h) Brandon Jones, Capital Equity

i) Accounts Receivable Current Assets

j) Unearned Revenue Equity

k) Mortgage Long-term Liability

l) Notes Payable Long-term Liability

1. Current Assets

2. Current Liabilities

3. Fixed Assets

4. Long-term Liability

5. Equity

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Which choice is the correct statement about "comprehensive" insurance?
B. Comprehensive insurance provides you coverage for both collision and physical damage.

Question 2
If I make a lot of claims on my insurance, my insurance cost will probably go up. TRUE

Question 3

What are some of the obligations you must fulfill for an insurance policy to be in effect? C. Both A and B.

What is collision insurance? B. Collision insurance is the coverage your insurance company gives you that only covers physical damage to a vehicle. Collision insurance usually has a "deductible" which means that the company will not pay 100% of damages.

All insurance companies charge the same rates for insurance coverage. FALSE

What is an insurance "deductible"?
D. An insurance deductible is what you pay yearly for car insurance if you don't have accidents.

What is an insurance policy?
B. An insurance policy is a document that tells you what you must pay for insurance coverage and what the insurance company is - and is not - covering.

What is the purpose of insurance?
D. Both B and C.

Life insurance can be most valuable in which of these cases?
D. Both B and C.

It is always smart to compare insurance costs between different companies. Insurance agents are usually good people. But remember that the job of insurance agents at most companies is to sell you their insurance policies. Their job is not to tell you that another company has a better and less-expensive policy. True.

What are some of the factors that would influence your insurance costs?
C. The type of car you drive.

In which cases does property insurance normally give you coverage?
D. All of the above.

Some insurance usually has a higher price for younger people because younger people have more accidents.FALSE

Health insurance is designed to cover some or all of your expenses related to accidents and some health issues.TRUE

Which actions will many insurance companies take if you receive a DUI?
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3 years ago

You are a member of a team of eight individuals from the same department who meet for a few hours each week to discuss ways of i

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Answer:

True

Explanation:

A team of eight individuals from the same department who meet for a few hours each week to discuss ways of improving quality, efficiency, and the work environment are most likely a self-managed work team.

A self-managed work team is a self-organized, semi-autonomous small group of employees whose members determine, plan, and manage their day-to-day activities and duties under reduced or no supervision.

A self-managed work team can also be referred to as a self directed team or self-managed natural work team.

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3 years ago

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According to your lecture notes, which professional sports league has the highest average fan cost index?

melamori03 [73]

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3 years ago

In selling 300 acres of rural land to organic farms, peyton tells the buyer that the land "will be worth twice as much by next y

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Peyton is engaging in a sales strategy in which he would likely tell of the buyer that the land will increase twice as much in the following year if it has not been brought in which this strategy will be able to lure the buyer into thinking of whether he or she will buy the land or not.

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3 years ago

Oregon Outfitters issues 1,700 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to p

k0ka [10]

Answer:

A. Dr Cash $34,000

Cr Common Stock $1,700

Cr Paid in capital in excess of par-Common Stock $32,300

B. Dr Treasury stock $4,560

Cr Cash $4,560

C. Dr Cash $6,480

Cr Treasury stock $4,560

Cr To Paid in capital-Treasury stock $1,920

Explanation:

a. Preparation of the journal entry to Record the original issue of the 1,700 shares

Dr Cash $34,000

(1,700 shares × $20)

Cr Common Stock $1,700

(1,700 shares × $1)

Cr Paid in capital in excess of par-Common Stock $32,300

($34,000-$1,700)

(Being issue of common stock is recorded)

b. Preparation of the journal entry to Record the purchase of 240 shares

Dr Treasury stock $4,560

(240 shares × $19 per share)

Cr Cash $4,560

(Being repurchase of treasury stock is recorded)

C. Preparation to record the Journal entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.

Dr Cash $6,480

(240 shares × $27 per share.)

Cr Treasury stock $4,560

(240 shares × $19 per share)

Cr To Paid in capital-Treasury stock $1,920

($6,480-$4,560)

(Being reissue of treasury stock is recorded)

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3 years ago