Once revenue and expense accounts serve their purpose of accumulating specific revenue and expense items for an accounting period, they have no further purpose for that period
Indicate whether the statement is true or false
T
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A contingent liability is best described as a(n)
a. current liability. b. probable liability. c. potential liability. d. estimated liability.
What may help organizations defend themselves in a lawsuit involving employment practices?
A. environmental scanning B. supply forecasts C. demand forecasts D. personnel policies E. job analysis
The limitation of an air carrier's liability is expressed:
a. relatively to the value of gold. b. in US dollars. c. in the currency of the airline's country of incorporation. d. in Special Drawing Rights (SDR).
Brook Stone and Paving purchased a new truck for $68,500 . The truck has an estimated life of four years and an estimated scrap value of $4,500.The company uses the double-declining-balance method of depreciation. Compute the book value at the end of the third year