When doing technical writing, you should use terms the readers will understand
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The major difference between accounting for pensions and the accounting for other postretirement benefits is that firms
a. do not need to report an excess of the accumulated benefits obligations over assets in a postretirement benefits fund as a liability on the balance sheet. b. do not need to disclose any estimates used in calculating projected benefits. c. postretirement benefits are normally not material for most companies and do not need to be disclosed. d. do not need to set aside funds for future postretirement benefits as they do for pension benefits.
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings$7,000Dividends 9,600Revenue 29,000Rent expense 3,600Salaries expense 7,200Insurance expense 920Depr. Expense-equipment 500Accum depr.-equipment 1,500
A. $16,780 credit. B. $18,280 credit. C. $7,180 credit. D. $23,780 credit. E. $16,780 debit.
The classification of a liability as current or long-term is not important to the evaluation of a company's liquidity
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Clarence is the trustee of a trust. With $75,000 of his own money, Clarence purchases a parcel of real estate. Two months later, he sells the parcel to the trust for $150,000 and pockets the profit. Discuss the situation in terms of the duties and powers of the trustee