Permanent funds use the modified accrual basis of accounting.
Answer the following statement true (T) or false (F)
True
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Under the perpetual system of accounting for inventory, the merchandise inventory account is debited for the cost of all merchandise bought
a. True b. False Indicate whether the statement is true or false
All of the following are true with regards to civil law EXCEPT:
a. to be successful, the plaintiff in a civil case must prove his or her case only by the "preponderance of the evidence.". b. litigating a civil fraud case usually begins when a client in a case of alleged fraud approaches an attorney. c. it begins when one party files a claim for restitution from another, usually for the purpose of gaining financial restitution. d. before a perpetrator is convicted civilly, he or she must be proven guilty "beyond a reasonable doubt.".
GEO Inc has an unfavorable direct materials price variance. A. Give two possible reasons for this variance. B. Using one of the above reasons, how could this particular variance affect one of the other variances (ex. direct materials usage, direct labor rate, direct labor efficiency)?
Which of the following is most likely to increase spontaneously with an increase in sales??
A. ?Notes payable B. ?Long-term bonds C. ?Preferred stock D. ?Common stock E. ?Accounts payable