Which of the following statements about net income and net losses is not correct?
A. A net loss increases the balance in Retained Earnings.
B. Net income causes stockholders' equity to increase.
C. A net loss causes Retained Earnings to decrease.
D. Net income implies that revenues are greater than expenses.
Answer: A
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The town of High Grove has adopted a master zoning plan that prohibits manufactured homes within city limits. Which of the following best describes the plan?
A)?As long as the plan promotes the health and welfare of those in the city, it will survive court challenges. B)?As long as there are residential areas, the prohibition on manufactured homes will survive a court challenge. C)?The prohibition on all manufactured homes will not survive a court challenge. D)?Manufactured homes are not real property and are not covered by zoning laws.
In general, the expected monetary values (EMV) represent possible payoffs
a. True b. False Indicate whether the statement is true or false
How does a partnership make a tax election for the current year?
A. Partnerships make certain tax elections by filing a separate form with the IRS. B. Partnerships make certain elections automatically by simply filing their returns. C. Partnerships do not make tax elections. Partners must make tax elections separately. D. Partnerships do not need to file anything to make a tax election. E. Both partnerships make certain elections automatically by simply filing their returns and partnerships make certain tax elections by filing a separate form with the IRS.
The fixed asset turnover ratio measures the:
A. useful life of long-lived assets. B. efficiency with which the investment in fixed assets produces revenue. C. the average difference between book value and disposal value of fixed assets. D. useful life of intangible assets.