Which statement is not true of the agency concept?
A. Under the common law tradition of the United States, all employees are treated as agents of employers.
B. In actual fact, not all agents are employees.
C. The primary responsibilities in the employer-agent relationship lie with the employer.
D. The law has described the employee-employer connection as a master-servant relationship.
Answer: C
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A requirement of GAAP is that companies should review their assets to ensure they are not impaired, especially when a change dictates the book value may not be recoverable
Indicate whether the statement is true or false
If total assets decreased by $88,000 during a period of time and owner's equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is
A) $23,000 increase B) $88,000 decrease C) $153,000 increase D) $153,000 decrease
An account is said to have a debit balance if:
A) the amount of the debits exceeds the amount of the credits. B) there are more entries on the debit side than on the credit side. C) its normal balance is debit without regard to the amounts or number of entries on the debit side. D) the first entry of the accounting period was posted on the debit side.
Briefly explain why the economic production lot size (ELS) is actually larger than the EOQ when there are noninstantaneous replenishments
What will be an ideal response?