A capitalist system depends on fair competition among businesses to:
A. be consistent with the goals of socialism.
B. ease the buying and selling of government securities.
C. guarantee that every individual business earns profits.
D. drive higher quality and lower prices.
Answer: D
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R Company registered a patent on January 1, 2015. P Company purchased the patent from R Company for $450,000 on January 1, 2020, and began to amortize the patent over its remaining legal life. In early 2021, P Company determined that the patent's economic benefits would last only until the end of 2025. What amount should P Company record for patent amortization in 2021?
A) $90,000 B) $84,000 C) $70,000 D) $30,000
Which of the following is most likely to be an objective of only a government-controlled firm?
A) maintaining employment B) increasing profit in the long run C) increasing market share D) short-term profit
A certificate of deposit is an instrument containing an acknowledgement by a bank that it has received a deposit of money and a promise by the bank to repay the sum of money.
Answer the following statement true (T) or false (F)
All of the following are equity accounts on a balance sheet EXCEPT
A) retained earnings. B) paid-in capital. C) cash. D) common stock.