A business and the person who owns the business are separate reporting entities.
Answer the following statement true (T) or false (F)
True
This is true. A business must report its income, assets, liabilities and equity separate from the owner of that business.
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Followers who are quite competent to complete tasks but lack the commitment to do so are ______.
A. D1 B. D2 C. D3 D. D4
The higher the interest rate assumed, the
A) higher the present value of an ordinary annuity. B) more one must deposit today to accumulate to a desired sum. C) lower the future value of a sum invested in the bank today. D) lower the present value of a sum due in the future.
Equipment costing $200,000 with accumulated depreciation of $160,000 is sold at a loss of $10,000. This implies that $30,000 cash was received from the sale.
Answer the following statement true (T) or false (F)
Which of the following is false concerning the duration and termination of bailments?
A) A bailment for a fixed period term can be terminated at any time by either party. B) A gratuitous bailment can generally be terminated at any time by either party. C) Where commingled fungible goods are involved, identical equivalent goods may be returned by the bailee. D) Upon termination of the bailment the bailee is legally obligated to do as the bailor directs with the property.