Projects that involve a choice among competing alternatives, where selection of one project implies rejection of all the other alternatives, are:
A. independent projects.
B. mutually exclusive projects.
C. screening projects.
D. preference projects.
Answer: B
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On December 1, 2015, Twilight Corporation paid $8,000 rent in advance. The rent per month is $1,000 . If Twilight's accounting period ends on December 31, 2015, what will be reported on the financial statements?
a. Prepaid Rent of $7,000 on its balance sheet at December 31, 2015 b. Prepaid Rent of $8,000 on its balance sheet at December 31, 2015 c. Rent Expense of $8,000 on its 2015 income statement d. Rent Revenue of $7,000 on its 2015 income statement
The auditor may discover evidence of lapping by preparing an interbank transfer schedule
a. True b. False Indicate whether the statement is true or false
A way to make writing effective is to use "this" to refer to an entire preceding thought
Indicate whether the statement is true or false
The income statement shows:
a. the financial position of a company as of a given point in time b. the result of operations over a given period of time c. the flow of cash into and out of a business during a period of time d. the average liquidity of the business as of the end of the month e. assets = owners’ equity + liabilities