Which of the following are isolating mechanisms identified by Penrose?
a. Path dependencies in resource development
b. Firm-specific knowledge possessed by managers
c. Entrepreneurial vision of managers
d. All of the above
d. All of the above
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The gross profit (inventory valuation) method requires keeping records of the selling prices of merchandise purchased
a. True b. False Indicate whether the statement is true or false
All of the following statements are true regarding accounting for software development costs except:
a. Firms must expense as incurred all costs incurred internally in developing computer software until such development achieves the technological feasibility of a product. b. Firms must capitalize as incurred all costs incurred internally in developing computer software. c. Researchers have found a significant association between costs and future earnings which support capitalizing and amortizing product development costs permitted by U.S. GAAP and IFRS. d. The interpretation of the meaning of technological feasibility has created diversity in the practice of accounting for software development costs.
Hosgood Distributing Inc converts its foreign subsidiary financial statements using the translation process. Their German subsidiary reported the following for 2014: revenues and expenses of 9,050,000 and 6,400,000 marks, respectively, earned or incurred evenly throughout the year, dividends of 2,000,000 marks were paid during the year. The following exchange rates are available: On January 1
2014 .................................... $.250 On December 31 . 2014 .................................. .285 Average rate for 2014 ................................. .270 Rate when dividends were declared and paid ............ .255 Translated net income for 2014 is a. $755,250. b. $715,500. c. $662,500. d. $675,750.
In which of the following types of accounts are decreases recorded by credits?
A) liabilities B) owner's capital C) drawing D) revenues