In reviewing agency action, courts generally apply the:
A)"beyond a reasonable doubt" standard
B)"preponderance of the evidence" standard.
C)"arbitrary and capricious" standard.
D)"rational relationship" standard.
C
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Dividends in Arrears
a. is a liability account. b. is a contra stockholders' equity account. c. is a stockholders' equity account. d. appear in the notes to the financial statements.
Which of the following is not a problem of APB Statement 4 mentioned in the text?
a. It is questionable whether the objectives can be implemented by means of the various principles derived from the existing body of accounting. b. It contains a loosely worded set of definitions. c. It attempts to be all things to all people. d. It does not state important evolutionary changes that had begun to occur.
On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
A.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
B.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
C.
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
D.
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
E.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
Under the doctrine of strict liability, bystanders who are injured by a defective product are entitled to the same protection as the product's consumers.
Answer the following statement true (T) or false (F)