A reversing entry ________
A) is required by GAAP
B) is dated the last day of an accounting period
C) exactly resembles the prior adjusting entry prepared in the books
D) switches the debit and the credit of a previous entry
D
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One of Harry’s primary activities in his career as a supervisor at Thomson Bird Food Inc. is working with his middle-manager, Ben, to introduce new growth opportunities in the business (such as expanding into exotic bird foods) and help the people who actually manufacture the food. Harry is most likely a(n)
A. frontline manager. B. tactical manager. C. strategic manager. D. top-level manager. E. administrative controller.
A small property and liability insurance company concentrated its underwriting efforts in one city in Oklahoma. When tornadoes damaged a large number of structures in the city, the insurer did not have adequate financial resources to pay the losses and it became insolvent. Which characteristic of an ideally insurable risk was violated in this scenario?
(a) there must be a large number of exposure units (b) the loss should not be catastrophic (c) the loss must be accidental and unintentional (d) the loss must be determinable and measurable