In preparing financial statements, accountants should consider all of the following except:
a. The objectives of financial reporting.
b. The characteristics that make accounting information useful.
c. The most useful way to display the information found on the financial statements.
d. The presentation of the value of a company.
d
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Which of the following is true of a general power of attorney?
A) A power of attorney can be oral. B) Only lawyers can be agents of a power of attorney. C) A power of attorney cannot be claimed once the principal is incapacitated. D) It may allow the agent to sign legal documents on the principal's behalf.
A company receives payment from one of its customers on August 5 for services performed on July 21. Which of the following entries would be recorded if the company uses accrual basis accounting?
A) Cash 1,000 Accounts Receivable 1,000 B) Salaries Expense 1,000 Cash 1,000 C) Cash 1,000 Service Revenue 1,000 D) Supplies 1,000 Cash 1,000
An economic system in which government officials determine production levels is known as a ________ economy.
A. pure subsistence B. macro-marketing C. market-directed D. command E. production-oriented
Fast Eddie tells you that he thinks he has everything worked out. Eddie owes over $50,000 to debtor, and while he owns practically no assets, he does have a baseball card collection worth $100,000. Eddie tells you that he plans on giving his baseball card collection as a gift to his cousin on Sunday, and then file for bankruptcy on Monday. Eddie tells you, "That way those creditors will get practically nothin'! Ha!" Is Eddie right? Is there a provision of the Bankruptcy Code that might dash Eddie's plan?
What will be an ideal response?