Investments in mutual funds reduce the systematic risk associated with investing in stocks.?
Answer the following statement true (T) or false (F)
False
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Which of the following organizations is responsible for setting auditing standards followed by public accounting firms in conducting independent audits of financial statements?
a. Financial Accounting Standards Board (FASB) b. Securities and Exchange Commission (SEC) c. Public Company Accounting Oversight Board (PCAOB) d. International Accounting Standards Board (IASB)
For which of the following conditions will the lessor classify a capital lease as a sales-type capital lease??
A) ?The present value of the minimum lease payments is equal to 90% or more of the fair value. B) ?The fair value of the lease property is greater than its cost. C) ?The lease term is equal to 75% or more of the estimated economic life of the leased property. D) ?The collectability of the minimum lease payments is reasonably assured.
All of the following are elements of operational control decisions except
a. determining the scope of the activity b. setting operating standards c. evaluating performance d. taking corrective action when necessary
Use the following information to answer the question below. When Langston Corporation was formed on January 1, 20x5, the corporate charter provided for 50,000 shares of $20 par value common stock. The following transactions were among those engaged in by the corporation during its first month of operation: 1. The corporation issued 200 shares of stock to its lawyer in full payment of the $5,000
bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency. 2. The company issued 8,000 shares of stock at a price of $25 per share. 3. The company issued 8,000 shares of stock in exchange for equipment that had a fair market value of $160,000. The entry to record transaction 3 is: A) Equipment 160,000 Common Stock 160,000 B) Common Stock 160,000 Equipment 160,000 C) Additional Paid-in Capital 35,000 Equipment 125,000Common Stock 160,000 D) Cash 160,000 Equipment 160,000