When a note receivable has been discounted by a company
a. An account called discount on notes receivable is used.
b. It will be shown as an asset of the company.
c. It slows the collection process.
d. It may be shown as a contingent liability in the footnotes.
d
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Generally, the financial statements of U.S. companies must be prepared based on GAAP.
Answer the following statement true (T) or false (F)
The coding scheme most appropriate for a chart of accounts is
a. sequential code b. block code c. group code d. mnemonic code
______ variations are wave-like oscillations in demand about the trend line caused by changes in economic or business cycles or due to changes in political conditions.
A. Cyclical B. Seasonal C. Irregular D. Random
Which sentence is correct?? A) ?Reaching into the desk drawer, the favorite pen was found
B) ?Reaching into the desk drawer, she found her favorite pen.