_________ refers to the importance of an item to financial statement users in terms of its relevance to decision-making.
a. Comparability
b. Materiality
c. Consistency
d. Objectivity
ANSWER: B
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Indicate whether the statement is true or false
On January 1, 2018, Waller Sales issued $30,000 in bonds for $23,300. These are eight-year bonds with a stated rate of 11%, and pay semiannual interest. Waller Sales uses the straight-line method to amortize the bond discount. After the second interest payment on December 31, 2018, what is the bond carrying amount? (Round your intermediate answers to the nearest cent, and your final answer to the nearest dollar.)
A) $24,138 B) $23,719 C) $30,000 D) $23,300
A ________ is a good, service, idea, place, or person–whatever is offered for sale in the exchange
A) product B) place C) utility D) benefit E) demand