The Internet is an excellent source for primary data but not secondary data.
Answer the following statement true (T) or false (F)
False
Secondary data refers to information that has been collected or published already. One of the first places a researcher should look for secondary data is on the Internet.
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The Financial Accounting Standards Board is the governmental agency that sets both broad and specific accounting principles.
Answer the following statement true (T) or false (F)
Which of the following is not a rating factor in ocean marine insurance?
A) Seaworthiness of the ship B) Experience of the captain and crew C) Route to be traveled D) Experience of the cargo shippers
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
A. Debit Interest Expense, $720; credit Interest Payable, $720. B. Debit Interest Payable, $120; credit Interest Expense, $120. C. No adjusting entry is required. D. Debit Interest Payable, $240; credit Interest Expense, $240. E. Debit Interest Expense, $120; credit Interest Payable, $120.
Which of the following statements is true?I.Overhead can be applied slowly as a job is worked on. II.Overhead can be applied when the job is completed. III.Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.
A. Only statement I is true. B. Only statement II is true. C. Both statements I and II are true. D. Statements I, II, and III are all true.