The fundamental accounting equation is Assets = Liabilities + Owners' Equity

Indicate whether the statement is true or false


True

Business

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Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or19,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first fullyear, during which the equipment was used 2,100 hours?

a. $21,000 b. $30,000 c. $22,000 d. $19,000

Business

Hawk Store counted some of its inventory twice. As a result, its operating expenses will be

a. Correct only if Hawk Store calculates it cost of goods sold correctly b. Correct since operating expenses are not affected by inventory costs c. Overstated d. Understated

Business

A(n) ________ is a descriptive thought that a person has about something

A) lifestyle B) motive C) belief D) attitude E) cognition

Business

Which of the following is the most likely reason that employees regularly attend trade shows and seminars?

A) to analyze the product life cycle B) to test new product concepts C) to get new product ideas D) to imitate competitors' products and strategies E) to implement a team-based new product development approach

Business