Telemarketing is infrequently used as a fundraising tool for nonprofit and political groups
Indicate whether the statement is true or false
FALSE
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The accountant for the Hilga Company recorded a purchase of merchandise on credit for the current year, but the merchandise was shipped FOB destination and did not arrive until after current year-end. Assuming a periodic inventory system, how would assets, liabilities, and retained earnings be affected on the year-end balance sheet? Assets Liabilities Retained Earnings I. No effect Understated
Understated II. Understated Understated Understated III. No effect Overstated Overstated IV. No effect Overstated Understated ? A) I B) II C) III D) IV
Because services are characterized by the inseparability of production and consumption, service organizations must be physically present when the service is delivered or engage others to be present
Indicate whether the statement is true or false
Batch level costs occur once for each unit produced
Indicate whether the statement is true or false
Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The operating lease method treats leases as executory contracts. b. The operating lease method does not recognize a leased asset on the lessee's balance sheet. c. The operating lease method recognizes a lease liability on the lessee's balance sheet. d. The lessor recognizes rent revenue as the lessee uses the leased asset over time e. The lessee recognizes rent expense as the lessee uses the leased asset over time.