Which of the following definitions of Sec. 338 property classes is not correct?
A. Class I: cash, demand deposits, and similar accounts in banks, savings and loan associations, etc.
B. Class II: actively traded personal property such as publicly traded securities
C. Class III: covenants not to compete, similar restrictions on trade, etc.
D. Class IV: inventory or other property held primarily for sale to customers
Answer: C
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The cost of goods sold account is not related to the inventory accounts
Indicate whether the statement is true or false
On June 30, 2014, Sonata Company's operating facilities in Nebraska were destroyed by a flood. The loss of $700,000 was not covered by insurance. Sonata's tax rate for 2014 is 40 percent. In Sonata's income statement for the year ended September 30, 2014, this event should be reported as an extraordinary loss of
a. $0. b. $280,000. c. $420,000. d. $700,000.
If I is the input rate and O is the output rate, what happens when I = O?
a. WIP decreases b. WIP increases c. WIP remains constant d. I and O are not related to the WIP
Which of the following is a goodwill message?
A) a suggestion for improving service B) a direct request for product information C) a persuasive request for an adjustment when the customer is at fault D) a complaint message that includes positive comments about the company E) a sympathy card