A pure risk is defined as a situation in which there is
A) only the possibility of loss or no loss.
B) only the possibility of profit.
C) a possibility of neither profit nor loss.
D) a possibility of either profit or loss.
Answer: A
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A rise in income will cause consumer spending to
A. decline. B. not change. C. rise. D. fall at first, then rise later.
Triton Corporation's direct labor costs for the month of December are as follows:
Actual direct labor hours 6,000 Standard direct labor hours 5,000 Direct labor rate variance-favorable $900 Total payroll $48,000 What was Triton's direct labor efficiency variance (round all answers to the nearest whole cent)?
a.$9,780 favorable b.$9,600 favorable c.$ 8,150 unfavorable d.$9,600 unfavorableWhich of the following are the basic elements of a balance sheet?
A) income, expenses, and outcome B) operations, sales, and growth C) assets, liabilities, and stockholders' equity D) receipts, deductions, and taxes E) budgets, controls, and corrective actions
Answer the following statements true (T) or false (F)
1. Cumulative common stock will pay dividends in arrears. 2. If a company has 2,500 shares authorized and 1,500 have been issued, the annual dividends on $20 par 5% preferred stock is $1,500. 3. If a company has 3,000 shares authorized and 2,000 have been issued, the annual dividends on $18 par 3% preferred stock is $1,620. 4. A stock dividend affects total Stockholders' Equity. 5. A stock dividend increases the stockholder's percent of stock held.