Which of the following statements is true regarding an intra-entity transfer of land?
A. A loss is always recognized but a gain is deferred in a consolidated income statement.
B. Recognition of a gain or loss is deferred by adjusting stockholders' equity through comprehensive income.
C. A loss and a gain are deferred until the land is sold to an outside party.
D. loss and a gain are always recognized in a consolidated income statement.
Answer: C
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An index
A) may include the names of important persons mentioned in your report. B) lists only the names of authors cited in the report. C) is never necessary in business reports. D) should always be prepared by someone other than the author of the report. E) can replace a bibliography.
In a computerized accounting system, segregation of functions refers to inventory control, accounts receivable, billing, and general ledger tasks
Indicate whether the statement is true or false
Select cost information for Seacrest Enterprises is as follows: 1,000 units of output 5,000 units of output TotalCost/Unit TotalCost/UnitDirect materials$5,000$5.00 $25,000$5.00Utilities expense$1,000$1.00 $3,750$0.75Rent expense$4,000$4.00 $4,000$0.80Based on this information:
A. Utilities expense is a mixed cost and rent expense is a fixed cost. B. Utilities expense is a mixed cost and rent expense is a variable cost. C. Direct materials is a fixed cost and utilities expense is a mixed cost. D. Both direct materials and utilities expense are mixed costs. E. Both direct materials and rent expense are variable costs.
In the stages of moral development model, the ______ stage involves the following rules only when it is in one’s immediate interest and viewing right as an equal exchange, a fair deal.
A. principled perspective B. interpersonal accord, conformity, mutual expectations C. instrumental purpose and exchange D. obedience and punishment