Explain how the distance between two countries increases with geographic distance and economic distance.
What will be an ideal response?
Geographic distance between two countries increases with lack of a common border, waterway access, adequate transportation, or communication links. It also increases with physical remoteness and different climates and time zones.
Economic distance between two countries increases with different consumer incomes; different costs and quality of natural, financial, and human resources; and different information or knowledge.
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Some accountants believe that the percent of revenue method for estimating uncollectible accounts expense is superior to the percent of receivables method because it is more conservative.
Answer the following statement true (T) or false (F)
The efficiency variance measures ________
A) the difference between the quantity used by the company and the quantity used by its competitors B) the change in quantities used over time C) how well the business uses its materials or human resources D) how quickly direct materials are processed into finished goods
Verna sells her farm to Wilfred. The title is transferred by deed. Verna is
A) the grantee B) the grantor. C) the adverse possessor. D) the licensor.
Ronald Beeb, who lives in Cleveland, receives a mailing from Florida from the SwampLand Reclamation Project. It states that the Beebs can purchase one-acre sites as part of a newly planned development of 200 lots located in Leon County, Florida. The
Beebs contact the company and are given a purchase agreement but no additional information. They sign the purchase agreement and send it back. Then, a week later they decide they would prefer to winter in either New Zealand or Australia. Can the Beebs get out of the contract?