A conservator is one who legally has the care and management of the property, but not the person of someone who is incompetent.
a. true
b. false
Answer: a. true
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Shlomtza's Sheets has its checking account plus a line of credit with Superficially Friendly Bank. It draws from its credit line and uses the funds to add to its inventory. What are the results of the actions in the above question for Superficially Friendly Bank?
a) Its total assets and total liabilities both increase b) Its total assets increase and total liabilities decease c) Its total assets and total liabilities both decease d) Its total assets decrease and total liabilities increase e) Its total assets are unchanged and total liabilities increase f) Its total assets and total liabilities are both unchanged
For decision-making purposes, ________ costs are often divided into prime costs and conversion costs
A) fixed costs B) product costs C) period costs D) sunk costs