The basic accounting equation can be restated in terms of cash by the following equation: Cash = current liabilities + long-term liabilities + capital stock - retained earnings - noncash current assets + long-term assets
a. True
b. False
Indicate whether the statement is true or false
False
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If an owner has acted in a way that misleads others, the owner may be __________from asserting ownership
A) estopped B) voided C) breached D) identified
Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1980 for $20,000. The FMV of the necklace at the time of the gift was $50,000. After deducting the annual exclusion, the amount of the gift was $35,000. Gift taxes of $10,000 were paid. What is Emma's adjusted basis in the necklace?
A) $20,000 B) $28,571 C) $30,000 D) $50,000
In a communication channel, ____ refers to unwanted signal components added to the data signal that might be interpreted incorrectly as data
a. signal b. noise c. overhead d. bandwidth
Which of the following statements about net income and net losses is not correct?
A. A net loss increases the balance in Retained Earnings. B. Net income causes stockholders' equity to increase. C. A net loss causes Retained Earnings to decrease. D. Net income implies that revenues are greater than expenses.