The bankruptcy of an agent automatically terminates an agency relationship
a. True
b. False
Indicate whether the statement is true or false
False
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The American Institute of Certified Public Accountants creates the CPA Exam, while individual states issue CPA certificates and permits CPAs to practice.
Answer the following statement true (T) or false (F)
Harry receives an invoice from one of its European suppliers for antiques. The amount of the invoice is $40,000 with terms of 3/10, net/60. If the invoice is paid on day 20, Beard is entitled to a ____ cash discount and will write the check for ____.
A. $1,200; $1,200 B. $1,200; $38,800 C. $0; $40,000 D. $0; $41,200 E. $0; $1,200
Which of the following is a written promise to pay?
A) Account receivable B) Account payable C) Note payable D) Dividend payable
Alvin is a self-employed sound technician who reports on the cash method and calendar year. Alvin has a shop in Austin, Texas, but he spends much of his time away from his shop traveling to and from various concerts around the country. Alvin leases a truck to move his equipment around the country and this year he spent $12,000 in lease payments and paid $18,000 for gas, oil, and repairs. Alvin keeps records of his personal use of the truck and he estimates that 6,000 of the total 36,000 miles put on the truck this year were for personal trips. What amount of these expenses may Alvin deduct as business expenses?
What will be an ideal response?