Please list a few benefits of using the Internet.
What will be an ideal response?
The Internet can be both gender-neutral and blind to skin color. Women, minorities, and older people are able to reach broader audiences and may receive more respect online than offline. The Internet may be seen as empowering, giving users a sense of interpersonal power. The Internet tends to enable underserved populations to share ideas and concerns and to feel more in control and it reduces feelings of isolation and loneliness.
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Details of the division of net income for a partnership should be disclosed
a. in the assets section of the balance sheet b. in the partners' subsidiary ledger c. in the statement of cash flows d. in the partnership income statement
Walloon Company produced 150 defective units last month at a unit manufacturing cost of $30. The defective units were discovered before leaving the plant. Walloon can sell them as is for $20 or can rework them at a cost of $15 and sell them at the regular price of $50. The total relevant cost of reworking the defective units is:
A) $4,500 B) $6,750 C) $7,500 D) $3,000 E) $2,250
Pseudo Drugs Inc. is convicted of trafficking in counterfeit prescription drugs. As a penalty, the company may be ordered to pay restitution to the trademark holders in an amount equal to
A. their lost net profits. B. the retail prices of the genuine drugs. C. Pseudo’s profits from the sale of the counterfeit drugs. D. the retail prices of the counterfeit drugs.
Gwen is in charge of accounting at Integrity Insurance Company. Integrity is a publicly-traded insurer. In describing her job, Gwen said, "There aren't too many businesses where you are required to keep two sets of books."
Gwen's comment most likely refers to her company A) preparing accounting statements using statutory and GAAP accounting. B) preparing one set of records for the insurer's managers and another set for the policyholders. C) preparing one set of books using dishonest values and another set using current market values. D) preparing one set of accounting statements considering investment income and another set of accounting statements not considering investment income.