Financial institutions are among the largest employers in the country and frequently pay very high salaries
Indicate whether the statement is true or false
TRUE
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When a company discontinues and disposes of a component segment of its operations, the gain or loss from disposal should be reported as:
a. an adjustment to retained earnings. b. a sale of fixed assets in "other" expense. c. an extraordinary item. d. an accounting change. e. a special item after continuing operations and before extraordinary items.
Which of the following would not be a reasonable conclusion when comparing LIFO-FIFO under an inflationary condition?
a. FIFO generally results in a lower profit than does LIFO. b. FIFO reports a higher inventory ending balance. c. LIFO results in a lower profit figure than does FIFO. d. LIFO would probably be used for inventory that has a high turnover rate because there would be an immaterial difference in the results between LIFO ad FIFO. e. The cash flow under LIFO is greater than the cash flow under FIFO by the difference in the resulting tax between the two methods.
In which way is service not rendered to people?
a. directly by person-to-person service encounters b. directly by person-to-property service encounters c. indirectly by high-tech service devices d. indirectly by product manufacturing
What is the rule of 3?
What will be an ideal response?