Which of the following items do not require marking?
a. Bulk materials
b. Items produced more than 20 years prior to importation
c. Works of art
d. All of the above
d
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If a contract involves a significant financing component
A. the time value of money is not required to determine transaction price if the payment is more than a year after the transfer occurs. B. the transaction amount should be based on the current sales price of goods or services. C. interest is not accrued as a result of the financing component. D. the time value of money is used to determine the fair value of the transaction.
The sales organization is interested in volume, not profits
Indicate whether the statement is true or false
In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the bank is added to the balance per company's records
Indicate whether the statement is true or false
Total fixed cost
A. may vary in the short run but is more or less fixed in the long run. B. would be zero if the quantity produced were zero. C. is the sum of all expenses that are closely related to output. D. is the sum of all costs of manufacturing and distributing a product. E. is the sum of those costs that do not change in total no matter how much is produced.