Reserve direct quotations for definitions and for text passages that are so precise, clear, or noteworthy that you cannot improve them
Indicate whether the statement is true or false
True
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In the past, a company's primary approach to attract and hold customers was to continually make changes to its product and service lines.
Answer the following statement true (T) or false (F)
According to the study done by the Securities and Exchange Commission, greatest number of enforcement actions was in the area of ________
a. improper use of off-balance-sheet arrangements b. improper expense recognition c. improper accounting for business combinations d. improper revenue recognition
The law makes the common carrier a limited (conditional) insurer of the goods it carries.
Answer the following statement true (T) or false (F)
Saginaw Inc decided on August 1 . 2014, to dispose of a component of its business. The component was sold on November 30, 2014 . Saginaw's income for 2014 included income of $250,000 from operating the discontinued segment from January 1 to the sale date. Saginaw incurred a loss on the November 30 sale of $220,000 . Ignoring income taxes, what amount should be reported in the 2014 income
statement as the net income or loss under "Discontinued Operations"? a. $220,000 loss b. $30,000 loss c. $30,000 income d. $250,000 income