Which of the following statements is not true about vacation home properties?
A. A primarily personal property does not need to report the income from the property.
B. A property rented for 15 days or more and used for personal use for more than 14 days would be categorized as personal/rental.
C. Property rented for 15 days or more and used for personal use for 14 days or less would be categorized as primarily rental.
D. A property categorized as primarily personal cannot be rented for more than 0 days.
Answer: D
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GAAP stipulates that firms should do what with expenditures that increase the service potential of an asset beyond that originally anticipated?
a. Expense the expenditure immediately. b. Capitalize the expenditure and depreciate it over the remaining service life of the asset. c. Capitalize the expenditure, but do not depreciate the asset. d. Charge it off to shareholders' equity.
Which of the following steps should a family-owned business take to compensate family members?
A. Every relative who wishes to work for the business should be hired. B. Relatives should be offered positions according to their status in the family. C. A managerial title should be offered to motivate a productive family member. D. Family members should be financially rewarded on the basis of their position in the family.
A warranty may be generally defined as a statement:
a. of guarantee of payment by the seller b. of guarantee of payment by the buyer c. by the seller that its goods conform to certain quality, safety, performance or title standards d. by the seller that its goods conform to buyer's expectations e. by the buyer that it accepts responsibility for any harms it causes
Engineering is the application of architectural concepts to the building of the actual product
Indicate whether the statement is true or false