To be enforceable, an agreement that restricts a person's right to earn income must be:
A) Necessary to protect the business
B) Restricted to a one mile radius
C) Not against the public interest
D) Both A and C
E) All of the above
D
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The permanent (continuing) file of an auditor's working papers most likely would include copies of the:
A. Lead schedules. B. Bank statements. C. Audit plan. D. Organizational chart.
On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets?
A. No effect on net income; no effect on total assets. B. Decrease in net income; decrease in total assets. C. Increase in net income; no effect on total assets. D. No effect on net income; decrease in total assets. E. Decrease in net income; no effect on total assets.
Which of the following statements is true regarding period costs?
A) They "attach" themselves to the product. B) They will appear the balance sheet until the product is sold. C) They will appear on the income statement in the year they are incurred. D) They will not impact gross margin or net operating income.
Any product or service that is basically homogeneous and repetitively produced can take advantage of a process-costing approach
Indicate whether the statement is true or false