Most long-term liabilities are reported on the balance sheet at their
A) ?net realizable value.
B) ?replacement value.
C) ?historical cost.
D) ?present value.
D
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The main advisors of the Chairman of the Federal Reserve Board of Governors are
A. private economists hired as consultants. B. the Council of Economic Advisors. C. the U.S. Treasury Department. D. the directors of the three staff divisions of the Board.
The inventory valuation method that tends to smooth out erratic changes in costs is:
A. FIFO. B. Specific identification. C. Weighted average. D. WIFO. E. LIFO.
At Sunrise, Inc., Susan is responsible for accounts receivable and Mark is responsible for accounts payable. This is an example of:
a. an accounting assembly line b. mass production c. standardization of parts d. manufacturing e. the division of labor
In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others.Refer to the information provided above. David directly purchases a one-fifth interest by paying Allen $34,000 and Daniel $10,000. The land account is increased before David is admitted. What are the capital balances of Allen and Daniel after David is admitted into the partnership? AllenDanielA)$136,000 $34,000 B)$160,000 $60,000 C)$170,000 $50,000 D)$140,000 $40,000
A. Option A B. Option B C. Option C D. Option D