Murphy stops at a garage sale and purchases an oak rocking chair. Murphy and the seller agree that Murphy will pick up the rocking chair the next day when Murphy will return with a truck. That night, there is an earthquake and the rocking chair is swallowed up by earth and totally destroyed. In this case, the seller had the risk of loss and must refund the purchase price to Murphy
a. True
b. False
Indicate whether the statement is true or false
False
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A company purchased machinery by issuing 2,000 shares of $3 par value common stock. Since the company is new, there is no established market price for its stock. How would the company record the transaction?
a. In terms of the par value of the stock issued. b. At the fair market value of the machine. c. At the cost recorded by the previous owner of the machine. d. Recording the transaction would be postponed until a market price for the stock could be determined.
Both U.S. GAAP and IFRS require the disclosure, in the notes to the financial statements, of selected information about business segments
Indicate whether the statement is true or false
________, not to be confused with telemarketing, includes many of the same elements as traditional sales
Fill in the blanks with correct word
The ____________________is used to measure the effectiveness of lighting systems
A. Equivalent Spherical Illumination B. Visual Comfort Probability C. Task Illumination D. Lighting Quotient