Answer the following statements true (T) or false (F)
British standard setters blazed the trail of accounting regulation being centered in the private sector.
ANSWER: F
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Almost all current liabilities affect the operating category of the statement of cash flows, but one that does not affect cash provided by operating activities is
a. accounts payable. b. interest payable. c. notes payable. d. taxes payable.
Which of the following statements regarding a company's operating activities is true?
A) Revenues decrease stockholders' equity B) Expenses increase stockholders' equity C) Expenses decrease stockholders' equity D) Dividends decrease assets
A company issued 8%, 15-year bonds with a par value of $470,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is:
A. Debit Bond Interest Payable $31,333; credit Cash $31,333. B. Debit Bond Interest Expense $420,000; credit Cash $420,000. C. Debit Bond Interest Expense $18,800; credit Cash $18,800. D. Debit Bond Interest Expense $37,600; credit Cash $37,600. E. No entry is needed, since no interest is paid until the bond is due.
Veronica is a repairperson for Wind Power Company. The job requires traveling to remote areas to make repairs to windmills, transmission towers, and power stations under any conditions. Veronica has had the job longer than other employees. Veronica
applies for a promotion to a supervisory position that requires constant communica¬tion with others in the field. Wind Power rejects the application on the ground that Veronica is hearing impaired. Wind Power acknowledges that Veronica is otherwise quali¬fied, but asserts that it "needs someone who does not have a hear¬ing problem.". Veronica files a suit against Wind Power under the Americans with Disabilities Act of 1990. What is the issue, and what are the relevant considerations on which its resolution depends?