The purpose of an income statement is to summarize the results of operations during an accounting period
a. True
b. False
Indicate whether the statement is true or false
True
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The current assets of Lane Enterprises are considered very liquid at December 31, 2012. This means that Lane:
A) has a larger quick ratio than current ratio. B) must decrease its liquidity in order to appear more favorable to potential investors. C) should attempt to borrow money in order to remain in business. D) is able to pay its current obligations using its current assets.
A contract is considered to be supported by legal value if the promisee receives a legal benefit
Indicate whether the statement is true or false
A creditor's agreement to accept part payment as full settlement of a debt is enforceable
a. at all times. b. if the creditor receives additional consideration from the debtor. c. when the due date is extended. d. in all of these cases.
Identify a true statement about offshoring.
A. It is the same as outsourcing processes to other organizations. B. A firm often offshores processes by directly investing in its own foreign facilities. C. A firm that uses offshoring faces less risk of intellectual property theft. D. It occurs when a firm gains control over its value chain by performing all processes internally.