The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing.
Answer the following statement true (T) or false (F)
True
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An extraordinary item results from
A) a segment of the business being sold B) corporate income tax being paid C) a change from one accounting method to another acceptable accounting method D) a transaction or event that is unusual and occurs infrequently.
In which of the following ways does a state constitution differ from the U.S. Constitution?
a. State constitutions are often more restrictive of rights than the U.S. Constitution. b. A state constitution can guarantee rights beyond those provided in the U.S. Constitution. c. A state constitution is generally amended less frequently than the U.S. Constitution. d. State constitutions tend to be more general than the U.S. Constitution.
The "full cost view of maintenance" results in more firms choosing a policy of breakdown maintenance, when compared to the "traditional view of maintenance."
Indicate whether the statement is true or false
Speak Corporation, a calendar-year, cash-basis taxpayer, sells packages of foreign language lessons to individuals planning to work overseas. In December 2018, it sold and received payment for $600,000 of 24-month lesson packages to be provided evenly through 2019 and 2020. Speak Corporation will recognize the $600,000 of income
A. half in 2019 and half in 2020. B. all in 2018. C. all in 2019. D. all in 2020.