In recording the trade of one asset for another, which of the following accounts is usually debited?
a. Cash
b. Accumulated Depreciation-Old Asset
c. Gain on Exchange of Asset
d. None of these
B
You might also like to view...
The Golden Bed in Dayton, Ohio, sells high-quality, unique bedding that is a real value to upscale homes in the area. No other company in its local area markets bedding of such quality and value. By offering this type of product, The Golden Bed is utilizing a _____ strategy.
A. cost-leadership strategy B. focused-differentiation C. cost-focus D. uniquely focused E. differentiation
Indicate whether each of the following statements about financial statement analysis is true or false.Meaningful comparisons between two companies generally should be made using percentage analysis or ratio analysis, not absolute amounts. ______The materiality of accounting information refers to whether it is viewed as favorable (good news) or unfavorable (bad news). ______Companies must account for immaterial items in compliance with generally accepted accounting principles. ______To judge the materiality of an absolute financial statement amount, one must consider the size of the company reporting it. ______Comparing percentages derived from financial statement analysis has the drawback of varying materiality levels. ______
What will be an ideal response?
External auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization
Indicate whether the statement is true or false
The common denominators of luxury brands are quality and ________
A) uniqueness B) practicality C) global appeal D) contemporary E) goodwill