Fundamental qualitative characteristics of accounting information are:
A. Faithful representation and relevance.
B. Faithful representation and consistency.
C. Comparability and consistency.
D. Relevance and comparability.
Answer: A
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Which of the following is not a feature of special journals?
A. They are efficient tools in helping journalize and post transactions. B. They allow posting of amounts as column totals rather than as individual amounts. C. They eliminate the need for a general journal. D. They are used for the most common transactions. E. They produce an efficient division of labor.
You have been asked to compare Product A with Product B based upon three criteria: cost, reliability, and durability. Using Roman Numerals in an outline form, show an organizaitonal strategy that could be used. Assume you would have a standard introduction and conclusion
Identify which of the following statements is true.
A. The creation of a joint tenancy by one person will result in a gift equal to the other joint tenant's pro rata interest in the property. B. Since municipal bond interest is exempt from federal income taxation, gifting the bonds escapes the gift tax. C. The creation of a joint bank account constitutes a taxable gift. D. The naming of a life insurance policy beneficiary constitutes a gift for transfer tax purposes.
A pretrial step that allows a party involved in a lawsuit to obtain detailed information about the other party's claim or defense is called ____________________
Fill in the blank(s) with correct word