Answer the following statements true (T) or false (F)
Moonitz felt that APB Statement 4 should have been issued as an opinion rather than as a statement because departures from GAAP made in a statement did not have to be disclosed.
ANSWER: T
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A POS system is in use when you go to a grocery store and your transaction is collected at the cash register so companies can analyze your purchase behavior.
Answer the following statement true (T) or false (F)
Which one of the following equations represents the statement of retained earnings activity?
A) Beginning retained earnings + net income + dividends = ending retained earnings B) Beginning retained earnings + cash inflows - cash outflows = ending retained earnings C) Beginning retained earnings + dividends - net income = ending retained earnings D) Beginning retained earnings + net income - dividends = ending retained earnings
A company's normal operating range, which excludes extremely high or low operating levels that are not likely to occur, is called the:
A. Margin of safety. B. Relevant range. C. Contribution range. D. Break-even point. E. High-low point.
On May 1, City Auto & Truck Sales agrees to sell a car to Dino. Five days later, Dino refuses delivery and cancels the contract. City is entitled to
A. force Dino to accept the car. B. recover any damages from Dino but not resell the car. C. resell the car and recover any damages from Dino. D. resell the car but not recover any damages from Dino.