Which is a true statement regarding the accounting equation?
A) The equation can be stated as assets minus liabilities equals equity.
B) The equation consists of three parts: assets, liabilities, and net income.
C) The equation is an optional tool for accountants to use.
D) The equation does not need to balance during a specific period.
A
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Which of the following regarding direct costs is a correct statement?
A. Direct costs are easily traced to cost objects. B. Direct costs are never selling and administrative expenses. C. Direct costs are always fixed costs. D. Direct costs are always variable costs.
A cost leader is the firm most likely to survive a price war.
Answer the following statement true (T) or false (F)
A company's inventory records report the following: August 1Beginning balance15 units @ $12August 5Purchase10 units @ $13August 12Purchase20 units @ $14On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
A. $590 B. $210 C. $380 D. $160 E. $140
Define services
What will be an ideal response?