Truckers Storage Depot, a private company, wants to build a warehouse on private land. For this action, an environmental impact statement is
A. prohibited.
B. required.
C. unnecessary.
D. voluntary.
Answer: C
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The journal entry to record the payment of an interest-bearing note is
a. debit Cash; credit Notes Payable b. debit Accounts Payable; credit Cash c. debit Notes Payable and Interest Expense; credit Cash d. debit Notes Payable and Interest Receivable; credit Cash
Using either the FIFO and LIFO cost flow assumption will result in the same cost of goods sold when
a. the number of units in beginning and ending inventory are the same. b. two consecutive years are combined. c. the prices of the goods do not change. d. lower-of-cost-or-market is applied. e. none of the above
The rates at which services are charged to each division are called service department charge rates
Indicate whether the statement is true or false
Loyal customers
a. are always more profitable than transient or transaction-oriented customers. b. should be retained at all costs. c. may cost more to serve than transaction-oriented customers. d. have a cost to acquire that exceeds the cost to retain. e. rarely increase their purchases from the selling company over time.