A data item does not exist in a vacuum. It exists in relation to other data and to its context
Indicate whether the statement is true or false
TRUE
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Financial forces such as inflation and taxation are considered uncontrollable because
A. they are unpredictable. B. there is nothing a manager can do to adjust to them, so the recommended approach is to ignore them. C. they are external forces beyond the influence of the firm, around which a manager can manage. D. they are external to the firm and their influence is to be avoided.
Flexibility of practice when applied to managerial accounting means that:
A. Managerial accountants must be on call twenty-four hours a day. B. The information must be presented in electronic format so that it is easily changed. C. Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. D. Managers must be flexible with information provided in varying forms and using inconsistent measures. E. Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations.
The Privacy Act provides that documents in the possession of federal administrative agencies are confidential to the respective agencies and cannot be accessed by the public
Indicate whether the statement is true or false
A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31
Which of the following is the adjusting entry required to record depreciation on equipment for the year 2017? (Assume the residual value of the acquired equipment to be zero.) A) Debit $140,000 to Equipment, and credit $140,000 to Cash. B) Debit $28,000 to Depreciation Expense-Equipment, and credit $140,000 to Accumulated Depreciation-Equipment. C) Debit $28,000 to Depreciation Expense-Equipment, and credit $28,000 to Accumulated Depreciation-Equipment. D) Debit $28,000 to Depreciation Expense, and credit $28,000 to Equipment.