The Fixed Asset Systems does all of the following except
a. records acquisition of assets
b. records improvements to assets
c. estimates the fair market value of assets in service
d. records the disposal of assets
C
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The following are selected data for the Young Company: Administrative expenses$ 920 Beginning inventory1,140 Net sales10,050 Net income3,130 Ending inventory1,180 Sales returns1,180 Total operating expenses1,380 Purchases5,600 Required:Compute the following: a.Salesb.Purchase returnsc.Selling expensesd.Cost of goods sold
What will be an ideal response?
The accountant records only the events that affect the financial position of the entity and that can be reasonably determined in monetary terms
Indicate whether the statement is true or false
A payment order for a wholesale funds transfer must:
a. be communicated in writing. b. contain no condition to payment other than the time of payment. c. be transmitted by the sender directly to the receiving bank. d. All of these.
If a defendant makes a claim against a plaintiff, in response to the plaintiffs complaint against the defendant, the plaintiff responds by providing:
a. an answer b. a reply c. a counterclaim d. a demurrer e. none of the other choices