Speculative and growth oriented investments are least appropriate for
A) young investors.
B) middle-aged investors.
C) retired investors.
D) high income investors.
Answer: C
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Which of the following items would most likely be a violation of the materiality constraint?
A) A company did not separately report an unusual gain of $100,000. Its income from operations was $20,000,000. B) A company having reported total assets of $50,000,000 immediately expensed the purchase of 20 pencil sharpeners that have an estimated useful life of three years. C) A $75,000 illegal bribe by an executive of the company to a foreign official was not separately disclosed in the annual report. D) A $2,000 expenditure to improve a building that originally cost $10,000,000 was immediately expensed.
Suppose an individual buyer purchases three pairs of shoes each year at $50 each pair and that there are 50 million such consumers in the economy. Compute the total market potential for shoes
A) $5,000 million B) $6,500 million C) $7,500 million D) $10,000 million E) $75 billion
Describe what is meant by income from continuing operations?
To find a description of a transaction, one should look at the
A) ledger. B) trial balance. C) journal. D) chart of accounts.