___________is the name given to balance sheet accounts because they are permanent in nature
Fill in the blank(s) with correct word
Real
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The audit procedures used to verify accrued liabilities differ from those employed for the verification of accounts payable because:
A. accrued liability balances are less material than accounts payable balances. B. accrued liabilities usually pertain to services of a continuing nature, while accounts payable are the result of completed transactions. C. evidence supporting accrued liabilities is nonexistent, while evidence supporting accounts payable is readily available. D. accrued liabilities at year-end will become accounts payable during the following year.
External auditors frequently serve on the audit committees of their clients
a. True b. False Indicate whether the statement is true or false
The relevant cash flows for capital budgeting analysis are
A) incremental cash flows. B) ordinary cash flows. C) necessary cash flows. D) consistent cash flows.
Which of the following statements is true regarding the profitability of new businesses?
A. It may take several years for a new business to begin showing a profit. B. Profitability is not an important issue for new businesses. C. Most new businesses will turn a profit within the first year. D. If a company does not show a profit within the first year, it will fail. E. Most new businesses are highly profitable when they first start.