A field is a collection of related data elements.
Answer the following statement true (T) or false (F)
False
Record is a collection of related data elements.
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Creighton, Inc determined that it had incorrectly estimated both the useful life and the estimated residual value of equipment which it purchased 2 years ago. When accounting for the change in its accounting estimates, Creighton must
a. correct the financial statements of prior years affected by the errors in the estimates. b. determine the book value at the point of change and depreciate that amount over the remaining useful life. c. add the amount of the error to the amount of the current year's depreciation expense. d. determine the effect of the error and report it as a loss on the income statement in Other Revenues and Expenses.
Using the data below, calculate living expenses. Assets $100,000 Liabilities 37,500 Prior years's net worth 32,500 Income 55,000
a. $57,500 b. $17,500 c. $20,000 d. $25,000
The work sheet should be prepared after the formal financial statements have been prepared
Indicate whether the statement is true or false
Revocation following an acceptance of the goods gives the buyer fewer rights than he would have had if he had at first rejected the goods
Indicate whether the statement is true or false