Which of the following would be most affected by financial statements being prepared under different accounting principles?
A) Reduced reliability. B) Increased complexity.
C) Reduced comparability. D) Inaccurate asset valuations.
C) Reduced comparability.
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Which of the following types of bonds is unsecured?
A. Mortgage bonds B. Equipment trust certificates C. Debenture bonds D. Agency bonds E. Treasury bonds
As a salesperson, you should know that the second of the five mental steps that a prospect goes through in deciding to buy from you is:
A. incubation. B. insight. C. intent. D. inference. E. interest.
Frisco Company's Merchandise Inventory account at year-end has a balance of $62,115, but a physical count reveals that only $61,900 of inventory exists. The adjusting entry to record this $215 of inventory shrinkage is:
A.
| Cost of goods sold | 215 | |
| Merchandise Inventory | 215 |
B.
| Cost of goods sold | 215 | |
| Purchases discounts | 215 |
C.
| Purchases discounts | 215 | |
| Cost of goods sold | 215 |
D.
| Merchandise Inventory | 215 | |
| Inventory shrinkage expense | 215 |
E.
| Inventory shrinkage expense | 215 | |
| Cost of goods sold | 215 |
An advantage of the current ratio is that it considers the makeup of the current assets
Indicate whether the statement is true or false