Cash equivalents
A. include saving accounts
B. include checking accounts
C. are short-term, highly liquid investments
D. have no immediate value
Ans: C. are short-term, highly liquid investments
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If a contract contains only one performance obligation, no allocation of the transaction price is ever needed to recognize revenue
Indicate whether the statement is true or false
Which of the following most appropriately describes depreciation?
a. Decline in value of plant asset b. Allocation of cost of plant asset c. Physical deterioration of plant asset d. Gradual obsolescence of plant asset
If the amount of effort and attention to products varies substantially throughout a company's various manufacturing operations, the company might consider the use of:
A. actual overhead rates instead of predetermined overhead rates. B. direct labor hours to determine the overhead rate. C. machine hours to determine the overhead rate. D. a plantwide overhead rate. E. departmental overhead rates.
The information reported in financial statements is organized into ten categories known as accounts.
Answer the following statement true (T) or false (F)