The appropriate way to represent “three-quarters” as a fraction is…
a. 0.75
b. ¾
c. 75%
d. three-quarters
b. ¾
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The financial statements of an organization reflect a set of management assertions about the financial health of the business. All of the following describe types of assertions except
a. that all of the assets and equities on the balance sheet exist b. that all employees are properly trained to carry out their assigned duties c. that all transactions on the income statement actually occurred d. that all allocated amounts such as depreciation are calculated on a systematic and rational basis
The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called double-entry accounting
Indicate whether the statement is true or false
The basic formula for ________ is Price = Direct costs + Overhead + Profit margin.
A. Return on investment B. Net profit C. Contribution margin D. Cost-based pricing E. ABC costing
Which of the following terms would indicate a destination contract?
a. F.O.B. city of buyer. b. F.O.B. city of seller. c. C.I.F. d. F.A.S. seller's port.