Answer the following statements true (T) or false (F)
When accounting numbers are used to monitor agency contracts, there can be indirect consequences from changes in accounting policies.
ANSWER: T
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Kotter Mining Company purchases a gravel pit for $2,500,000 . It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life. If 930,000 tons are extracted and sold during the first year, the entry to record the depletion expense is:
a. Depletion Expense – Gravel pit 465,000 Accumulated Depletion – Gravel pit 465,000 b. Depletion Expense – Gravel pit 116,250 Accumulated Depletion – Gravel pit 116,250 c. Depletion Expense – Gravel pit 232,500 Accumulated Depletion – Gravel pit 232,500 d. Depletion Expense – Gravel pit 348,750 Accumulated Depletion – Gravel pit 348,750
An effective data policy needs to address issues of all of the following except
a. Privacy b. Accuracy c. Ownership d. Profitability
Coney Island Corp. discards a truck that was originally purchased for $50,000 and had accumulated depreciation of $30,000. Prepare the journal entry for the disposal
What will be an ideal response
Each of the following is an underlying dimension encompassing almost all aspects of technology except
A) interdependence. B) uncertainty. C) complexity. D) distribution.