First-person pronouns should be avoided in all written reports
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FALSE
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Under the percentage of sales method, the adjusting entry at the end of the period for uncollectible expense is not affected by the current balance in the allowance for bad debts account
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The origins of the study of leadership can be traced back to ______.
A. ancient Greeks B. the American Revolution C. the early 20th century D. the 1960s
Treasury stock or treasury shares are shares a firm has previously issued and later reacquired. Reasons for reacquiring outstanding common stock include which of the following?
a. to use in option arrangements, only b. to invest excess cash, only c. to defend against an unfriendly takeover bid, only d. to distribute cash to shareholders in a tax-advantaged way, only e. to use in option arrangements, to invest excess cash, to defend against an unfriendly takeover bid, and to distribute cash to shareholders in a tax-advantaged way
If practical, firms account for voluntary changes in accounting principles, such as from a LIFO to a FIFO cost-flow assumption for inventories, by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period
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