Once a sound financial plan is in place, there should be no need to ever change it
Indicate whether this statement is true or false.
Answer: FALSE
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What is a product?
What will be an ideal response?
When one person agrees to pay the debt of another as a favor to that debtor, it is called
a. promisory representation. b. a mutual promise. c. promisory estoppel. d. a collateral promise.
One of the best ways to speed up the process of financial analysis and arrive at a good decision is to
A) use estimates of inputs when it appears that finding a very accurate input would take an inordinate amount of time. B) use estimates backed up by sensitivity analysis when it appears that finding a very accurate input would take an inordinate amount of time. C) use estimates of inputs except when it appears that finding a very accurate input would take an inordinate amount of time. D) make sure that every detail is very accurate.
At the end of the Year 2 accounting period, DeYoung Company determined that the market value of its inventory was $79,800. The historical cost of this inventory was $81,400. DeFazio uses the perpetual inventory method. Assuming the amount is material, how will the entry necessary to reduce the inventory to the lower of cost or market affect the elements of the company's financial statements?
A. Decrease total assets, gross margin, and net income B. Decrease total assets and net income C. Increase total assets and net income D. Decrease total assets and gross margin