Gains are similar to revenue and increase net income, and losses are similar to expenses and decrease net income
a. True
b. False
Indicate whether the statement is true or false
True
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The only legal remedy for _______ is to bring a lawsuit against a borrower to try to recover the money loaned.
A. secured creditors B. a government agency C. unsecured creditors D. a mortgagor
With target costing, marketers first ________ and then ________
A) build the marketing mix; identify the target market B) identify target markets; set different prices for each market C) design the product; determine its cost D) use skimming pricing; use penetration pricing E) determine a reasonable selling price; target costs to ensure that the price is met
Under accrual basis of accounting, expenses are be matched against revenue:
A) if the earnings process is not complete. B) when cash is collected from the sale of products. C) in the same period as the revenue that it helped to generate. D) when payment is made for costs related to revenue.
The "indoor management rule" refers to the principle that a person dealing with a
corporation is entitled to assume that its internal rules have been complied with unless it is clear that such is not the case. Indicate whether the statement is true or false