A vertical portal is an exchange formed and operated by a group of major companies in an industry to provide industry-wide transaction services
Indicate whether the statement is true or false
FALSE
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If consolidated statements are presented for the first time instead of statements of several individual companies, this change should be accounted for
A) retrospectively. B) prospectively. C) by cumulative effect adjustment. D) by footnote disclosure only.
Letters of recommendation are used primarily by job applicants
Indicate whether the statement is true or false.
The equity method of accounting should be applied by an investor to an investment in the voting stock of an investee of 20% or more of the voting stock of the investee. An investment of 20% or more of the voting stock of an investee should lead to the
presumption (absent evidence to the contrary) that an investor has the ability to exercise significant influence over an investor. The presumption in applying the equity method is that an investor has significant influence over the operating and financial policies of an investee even though the investor holds 50% or less of the voting stock of the investee. Required: Identify events or circumstances that suggest that an investor has significant influence over an investee.
Which of the following accounts is not a temporary account?
a. Income Summary b. Delivery Fees c. Capital d. Drawing e. Depreciation Expense - Office Equipment