A federal agency does not record depreciation expense.
Answer the following statement true (T) or false (F)
False
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It is necessary to avoid using negative-sounding "you" messages as a primary means of addressing customers.
Answer the following statement true (T) or false (F)
Which one of the following statements is true with regard to the lower of cost or market rule?
A) If the direct method is used in applying the lower of cost or market rule, the loss or loss recovery due to market valuation changes is included in cost of goods sold. B) The lower of cost or market rule must be applied on an individual item basis for financial accounting purposes. C) With the application of the lower of cost or market rule using the direct method, the account, Allowance to Reduce Inventory to Market, is reported on the balance sheet as a contra asset. D) The lower of cost or market rule is primarily an application of the going concern assumption.
Answer the following statements true (T) or false (F)
1. Whenever a partner mix in a partnership changes, the old partnership ceases to exist and a new partnership begins. 2. The death of a partner dissolves the partnership. 3. When a partner withdraws his or her partnership interest for cash, the liabilities in the balance sheet remain unchanged. 4. A withdrawing partner acquires a bonus if the assets they receive in the dissolution are worth more than the book value of their equity.
In which of the following cases would the gross profit method most likely be used?
a. In a company with good accounting records b. In applying the average-cost method c. In estimating the market value of inventory for application of the lower-of-cost-or-market rule d. In estimating an inventory loss from fire