Match each of the following terms with the most appropriate definition.
A. Expresses the relation of assets, liabilities and equity in a company, comparing the resources the company owns to the sources of funds to acquire the resources.
B. Decreases in equity from costs of providing products or services to customers.
C. A financial ratio stated as income divided by assets invested.
D. Evidence of inflows of resources such as cash and other assets from stockholders.
E. Creditor's claims on a company's assets.
F. The uncertainty about the return to be earned.
G. Resources a company owns or controls that are expected to yield future benefit.
H. Reflects outflows of resources such as cash and other assets to stockholders.
A. Accounting equation
B. Expenses
C. Return on assets
D. Common stock
E. Liabilities
F. Risk
G. Assets
H. Dividends
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Which of the following statements is not true?
A. India, with relatively few resources but a large population, should have a comparative advantage in the production of goods or services that require large amounts of expensive labor. B. The sophistication and skill levels required for jobs outsourced to India are rising rapidly, driven by the abundance of qualified and low-cost workers in India. C. An estimated 1.6 million U.S. individual and corporate tax returns are prepared annually in India. D. Some observers have argued that American industry and the American economy as a whole will be strengthened by sending activities to workers in India or other foreign nations that have comparative advantages in areas such as labor costs. E. India may have a comparative advantage over some other developing countries because about 350 million of its people are able to read English, and 100 million of those also understand spoken English and can communicate in English sentences.
Budget Auto Parts Company uses the indirect method to prepare the statement of cash flows
Refer to the following income statement: Budget Company Income Statement Year Ended December 31, 2017 Sales Revenue $360,000 Interest Revenue 1,500 Gain on Sale of Plant Assets 6,000 Total Revenues and Gains $367,500 Cost of Goods Sold 165,000 Salary Expense 67,500 Depreciation Expense 18,000 Other Operating Expenses 34,500 Interest Expense 1,500 Income Tax Expense 7,500 Total Expenses 294,000 Net Income (Loss) $73,500 Additional information provided by the company includes the following: Current assets other than cash increase by $36,000. Current liabilities decrease by $1,500. Prepare the operating activities section of the statement of cash flows. What will be an ideal response
Whether a person is an independent contractor or an employee depends on what he or she does, not how the relationship is characterized by the parties
a. True b. False Indicate whether the statement is true or false
In Certified Fire Protection v. Precision Construction, Precision accepted a winning bid from Certified for it to install a fire suppression sprinkler system. Later the two parties got into a fight over some details in the contract, which was never signed. The courts held that there was an implied, not an express, contract
a. True b. False Indicate whether the statement is true or false