The revenue recognition principle does not pertain to long-term contracts, franchises, commodities, and installment sales
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is a turn-around document?
a. remittance advice b. sales order c. purchase order d. payroll check
In May 2014, the Sailfish Company became involved in litigation. As a result of this litigation, it is probable that Sailfish will have to pay $800,000 . In July 2014, a competitor commenced a suit against Sailfish alleging violation of antitrust laws seeking damages of $1,100,000 . Sailfish denies the allegations, and the likelihood of Sailfish paying any damages is remote. In September 2014,
Urchins County brought action against Sailfish for $900,000 for polluting Lake Kissimmee. It is reasonably possible that Urchins County will be successful, but the amount of damages Sailfish will have to pay is not reasonably determinable. What amount, if any, should be accrued by a charge to income in 2014? a. $2,800,000 b. $1,700,000 c. $800,000 d. $0
Which of the following is TRUE in cases based on claims of disparate treatment?
A) The plaintiff must prove that the defendant intentionally discriminated. B) The defendant must have made a disparaging remark about the plaintiff. C) The defendant must prove that the plaintiff is not qualified for the position. D) The plaintiff must prove that he or she was discriminated against because of his or her education level.
Designated market areas (DMAs), in practice, are usually overlapping.
Answer the following statement true (T) or false (F)