Setting internal transfer prices for products or services falls under the planning stage of the management process

Indicate whether the statement is true or false


True

Business

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Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets

Indicate whether the statement is true or false

Business

The U.S. tax code requires:

A. Periodic FIFO be used for tax reporting. B. Weighted average be used for tax reporting. C. Periodic LIFO be used for tax reporting. D. If a company uses FIFO for tax reporting, it must also be used for financial reporting - called the FIFO conformity rule. E. If a company uses LIFO for tax reporting, it must also be used for financial reporting - called the LIFO conformity rule.

Business

A firm is considering purchasing an asset that will cost $1 million. Other depreciable costs include $100,000 in installation costs

If the asset is classified in the 3-year class, what is the annual depreciation for each year for this asset using the fixed depreciation percentages given by MACRS? (The percentages are 33.33%, 44.45%, 14.81%, and 7.41%, respectively.) A) $366,667, $366,667, $366,667 and $0 for years 1, 2, 3, and 4, respectively B) $275,000, $275,000, $275,000, and $275,000 for years 1, 2, 3, and 4, respectively C) $366,630, $488,950, $162,910, and $81,510 for years 1, 2, 3, and 4, respectively D) $366,630, $488,950, $81,510, and $81,510 for years 1, 2, 3, and 4, respectively

Business

If a negotiable instrument is transferred by negotiation, the transferee takes the instrument:

a. with all of the transferor's rights and responsibilities b. free of the transferor's responsibilities c. with the duties that have been assigned to the instrument by the bearer d. with the rights that have been assigned to the instrument by the holder in due course e. none of the other choices

Business