All except ____ are considered important, major events that shaped the nation's economy during the period of 1940 to 2000.
A. the Korean War
B. the institution of Franklin D. Roosevelt's federal government programs
C. the shortage of crude oil
D. high inflation with high interest rates and reduced business profits
E. the Vietnam War
Answer: B
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The justification for the accrual basis of accounting lies in the needs of financial statement users for periodic information on the financial position and the profitability of the entity
a. True b. False Indicate whether the statement is true or false
In a perpetual inventory system, a transaction that requires two journal entries (or one compound entry) is needed when
a. raw materials are purchased on account. b. goods are sold for either cash or on account. c. goods are finished and transferred out of Work in Process Inventory. d. overhead is applied to Work in Process Inventory.
The idea behind resource leveling is to avoid huge swings in utilization of labor and equipment
Indicate whether the statement is true or false
Hal was a merchant who deposited 2,000 barrels of olive oil in a public warehouse operated by Welcome Warehouse. Hal was issued a warehouse receipt for the 2,000 barrels that by its terms was deliverable "to bearer." Hal had engaged in many other
transactions with Welcome and was in arrears for quite a bit of money to Welcome. Hal duly negotiated the warehouse receipt to Esmeralda Enterprises in payment of cash. Hal's financial affairs continued to deteriorate and Welcome never was paid the debt. When Esmeralda's agent requested the oil and offered to remit the warehouse receipt, Welcome refused to release the oil, claiming a lien on the oil for Hal's debt. Esmeralda sued. Decide the case.