The lower-of-cost-or-market rule demonstrates accounting conservatism in action

Indicate whether the statement is true or false


TRUE

Business

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Russell Co. received a $400 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co. make to record the receipt of the bill?

A.

Cash400 
Utilities Expense 400

B.
Accounts Payable400 
Utilities Expense 400

C.
Utilities Expense400 
Accounts Receivable 400

D.
Utilities Expense400 
Accounts Payable 400

E. No journal entry is required.

Business

Which of the following describes an RFID reader (RFID interrogator)?

A. Has its own transmitter and a power source (typically a battery). B. Does not have a power source. C. An electronic identification device that is made up of a chip and antenna. D. A transmitter/receiver that reads the contents of RFID tags in the area.

Business

Calculate the range of the following raw responses: 2, 3, 3, 4, 5, 5, 6, 6, 6, 7, and 8.

A. 6 B. 4 C. 5 D. 8 E. 7

Business

Some of the nonadvertising services performed by full-service agencies are performing research, selecting media, designing packages, and producing sales promotions.

Answer the following statement true (T) or false (F)

Business