The use of MACRS is acceptable for financial reporting under GAAP
Indicate whether the statement is true or false
FALSE
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Answer the following statements true (T) or false (F)
1. All intangible assets must be amortized each year. 2. According to Generally Accepted Accounting Principles, if the fair value of goodwill decreases below its book value, an impairment loss must be recorded. 3. A trademark should not be amortized over its useful life. 4. According to Generally Accepted Accounting Principles, goodwill must be amortized 5. Goodwill is only recorded by an acquiring company when it purchases another company and pays more for that company than the market value of its net assets.
The implied warranty of merchantability does not apply to food products
Indicate whether the statement is true or false
Once a duty is delegated, it relieves the delegator of his or her own liability to perform the contract
a. True b. False Indicate whether the statement is true or false
The strongest reason to join a union appears to be
A. favoritism shown by supervisors in promotions, shift assignments, and transfers. B. the need to fraternize with similar employees and assert personal leadership skills. C. dissatisfaction with wages, benefits, and working conditions. D. personal preference for a union and social pressure to join.