The inventory write-down rule under IAS 2 can best be labeled
a. lower of cost or market.
b. lower of cost or net realizable value.
c. lower of net realizable value or market
d. lower of ceiling or floor.
B
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The Brown Foundation gave a local nonprofit organization a $1 million endowment. This action is an example of what type of revenue source?
A. earned income B. fee for service C. philanthropic gift D. government grant
The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $9,900. What is the amount of total unemployment taxes the employer must pay on this employee's wages?
A. $420.00. B. $336.00. C. $534.60. D. $594.00. E. $0.00.
Arnold, Inc purchased a truck on January 1, 2009, for $40,000. The truck had an estimated life of 5 years and an estimated salvage value of $5,000. Arnold Inc used the straight-line method to depreciate the asset. On July 1, 2012, the truck was sold for $7,000 cash. The journal entry to record the sale of the truck in 2012:
A) decreases equity. B) increases total assets. C) decreases total expenses. D) increases net income.
Agency heads and commissions are required to defer to an administrative law judge's factual findings
Indicate whether the statement is true or false