________ is the degree to which an innovation appears superior to existing products
A) Relative advantage
B) Compatibility
C) Complexity
D) Divisibility
E) Communicability
A
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Which one of the following best explains the distinction between inventory and an operating asset?
a. ownership b. cost c. intent d. purchase price
Which of the following best describes the independent auditor's approach to obtaining satisfaction concerning depreciation expense in the income statement?
A. Determining the method for computing depreciation expense and ascertaining that it is in accordance with generally accepted accounting principles. B. Establishing the reasonableness of useful lives and depreciation methods for depreciable assets and recomputing the depreciation expense. C. Reconciling the amount of depreciation expense to those amounts credited to accumulated depreciation accounts. D. Verifying the mathematical accuracy of the amounts charged to income as a result of depreciation expense.
Tyler Corporation has provided you with the following budgeted income statement for one of its products
Sales revenue $800,000 Variable costs 540,000 Contribution margin $260,000 Fixed costs 275,000 Operating income (loss) $15,000 Tyler Corporation believes that 70% of the fixed costs would be avoidable if the product line was dropped. Based on the impact on the company's operating income or loss, Tyler should keep the product line. Indicate whether the statement is true or false
Eduardo Martinez, the sole stockholder of Eduardo's Dance Studio, started the business by investing $10,000 cash and donating a building worth $20,000 in exchange for common stock. Identify the general journal entry below that Eduardo's will make to record the transaction.
A.
| Cash | 10,000 | |
| Building | 20,000 | |
| Common Stock | 30,000 |
B.
| Owner's Investments | 30,000 | |
| Common Stock | 30,000 |
C.
| Cash & Building | 30,000 | |
| Common Stock | 30,000 |
D.
| Common Stock | 30,000 | |
| Cash | 10,000 | |
| Building | 20,000 |
E.
| Cash | 10,000 | |
| Common Stock | 30,000 |