Reporting the details of notes is consistent with which accounting principle that requires financial statements (including footnotes) to report all relevant information?
A) Relevance.
B) Full disclosure.
C) Evaluation.
D) Materiality.
E) Expense recognition (matching).
B) Full disclosure.
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What will be an ideal response?
_____________ is defined as any relatively permanent change in behavior that occurs as a result of experience or practice.
A. Ability B. Determination C. Self-efficacy D. Learning E. Determination
Fritz is seriously considering bankruptcy because he has a large number of outstanding debts, the principal ones of which are as follows: 1. he owes his ex-wife $25,000 in back alimony and child support; 2. he owes $20,000 in guaranteed student loans;
3. he has a lawsuit pending against him in which his ex-girlfriend is asking for $50,000 in damages (the suit is based upon the intentional tort of battery and arises from an incident in which Fritz got mad at his girlfriend and hit her); and 4. he owes the First Bank $20,000 for the loan securing his new sports car. Should Fritz file for bankruptcy?
Seth and Maricela enter into a contract for a sale of goods for a contract price of $1,200 and Maricela has made a down payment of $200. Seth delivers nonconforming goods to Maricela who rightfully rejects them. The best remedy available to Maricela is to:
A) cancel the contract and recover her $200 plus whatever other damages she can prove. B) reclaim the goods and cover. C) resell the goods and recover damages. D) stop delivery of the nonconforming goods and recover payments made.