When inventory costs are declining, __________ generally results in a lower amount of reported cost of goods sold.
What will be an ideal response?
LIFO
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If shares of stock are sold or exchanged for more than par value, the excess is called
a. a discount. b. a gain. c. a premium. d. earnings.
Which of the following accounts is not found in closing entries?
a. Dividends b. Income Summary c. Retained Earnings d. Accumulated Depreciation–Equipment
A bond issued June 1 . 2013 . by a calendar-year company pays interest on April 1 and October 1 . A bond is a financial security issued by a corporation in return for cash borrowed from investors. Bonds typically pay interest twice per year. The investor makes the investment on the date the bond is issued. Interest expense for 2013 is recognized on these bonds by the issuer for a period of
a. Seven months. b. Six months. c. Four months. d. Three months.
Mia has a periodic tenancy that requires her to pay rent weekly. Mia wishes to terminate her tenancy. Under the common law, she must give her landlord notice of at least A) one week
B) two weeks. C) thirty days. D) no certain period.