All of the following are true about the chromosomes of a multicellular organism EXCEPT:
A. Each chromosome is replicated into two chromatids during the S phase of interphase.
B. All cells contain chromosomes that carry the same genetic information.
C. Each chromosome separates into two daughter chromosomes by binary fission.
D. They are made up of DNA and protein.
Answer: C
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U.S. GAAP and IFRS require firms to retrospectively apply any changes in accounting principle by recalculating the income for prior periods under the new accounting principle, if it at all feasible
Indicate whether the statement is true or false
The cash receipts journal will be used for
A) only cash received from customers on account. B) all cash received. C) cash received from customers on account and cash sales. D) only cash received from cash sales.
Althea Caldwell is the director of Arizona's Department of Health Services (DHS). DHS is charged the administration of the state's behavioral health system and is responsible for contracting with private providers for millions of dollars of mental
health care each year for eligible patients. Ms. Caldwell accepted a $20,000 per year director position for a hospital group corporation. One of the hospitals in the group was one to which state contracts for mental health treatment had been awarded. One month after accepting the position, Ms. Caldwell asked the state's attorney general for an opinion as to whether she had a conflict of interest. Does Ms. Caldwell have a conflict of interest?
Zola Inc. paid a $10,000 legal fee to the attorney who resolved a dispute over Zola's title to investment land. Zola's auditors required the corporation to expense the payment for financial statement purposes. The tax law required Zola to capitalize the payment to the basis of the land. This difference in accounting treatment results in a:
A. Deferred tax asset B. Permanent favorable book/tax difference C. Deferred tax liability D. Permanent unfavorable book/tax difference