A liability judgment against an individual constitutes a pure risk.
Answer the following statement true (T) or false (F)
True
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The unit of measure concept:
A) is only used in the financial statements of manufacturing companies. B) is not important when applying the cost concept. C) requires that different units be used for assets and liabilities. D) requires that economic data be reported in yen in Japan or dollars in the U.S.
The use of a plantwide overhead rate is not acceptable for external reporting under GAAP.
Answer the following statement true (T) or false (F)
Targeting ______ during M&A, leaders of groups can demonstrate their agreement on combined strategies, allowing opportunties for increased networking and contact.
a. individual integration b. team integration c. cross-team/department integration d. organizationwide integration
In regards to corporate income tax, which of the following statements is incorrect?
A) Federal income taxes are calculated on a corporate tax return. B) Income Tax Expense is recorded when the federal income tax is paid. C) When the corporation files its federal corporate tax return and makes payment, the account Income Tax Payable is credited. D) The amount income taxes that the corporation owes but has not yet paid is classified as a current liability.