In order to classify cash as a current asset, it must be free from any restrictions that would prevent its deposit or use to pay creditors classified as long-term
Indicate whether the statement is true or false
F
You might also like to view...
On January 1, 2016, Petersen Corp sold a piece of equipment for $3,000 which it had used for several years. The equipment had cost $13,000, and its accumulated depreciation amounted to $9,000 at the time of the sale. What are the net effects on the accounting equation of selling the equipment?
a. Assets and Stockholders' Equity increase $1,000. b. Assets decrease and Stockholders' Equity increases $3,000. c. Assets and Stockholders' Equity decrease $1,000. d. Assets and Stockholders' Equity decrease $3,000.
Which of the following is not a trend promoting the increased use of business process reengineering (BPR)?
a. advancement of technology b. pursuit of increased quality c. price competition caused by globalization d. business expansion
Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system
Indicate whether the statement is true or false
All of the following are types of nontaxable income except
A) child support payments. B) casualty insurance reimbursements. C) rental income. D) reimbursements of moving expenses by an employer.