When purchasing raw materials on account, what type of accounts would increase?
A) Assets
B) Liabilities
C) Assets and Liabilities
D) Equity
E) Neither Assets nor Liabilities
C
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The average white-collar worker in the United States has only about a 25 percent efficiency rate when listening.
Answer the following statement true (T) or false (F)
Firms do not recognize certain obligations that are uncertain as to amount or timing or both as liabilities, unless those items meet a probability threshold and have a reliable measurement attribute. IFRS refers to these as _____, such as the possible obligation under an unsettled lawsuit
a. contingent liabilities b. unrealized contingencies c. realized contingencies d. unrecognized contingencies e. recognized contingencies
Which of the following is/are true?
a. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust. b. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. c. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income. d. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period. e. all of the above
Intensive distribution offers greater brand control than selective distribution
Indicate whether the statement is true or false