Which of the following events would be considered an extraordinary item?
a. An airline experienced a significant loss due to a strike by employees of the company who provide its aircraft maintenance.
b. A food cannery was faced with a large loss of inventory of canned soups due to government condemnation because of possible botulism contamination; the company had never experienced a similar situation in its history.
c. A company, located on an island which has experienced severe flooding three times in the past 25 years, was subjected to a heavy loss of physical plant due to flooding.
d. A medical corporation was required to pay damages equal to three times its average net income to a patient. The corporation had experienced suits of this nature in the past, but the amount of the losses had never exceeded 5 percent of the corporation's average net income.
B
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An owner who also works as a technician and serves as manager expects compensation for which of the following?
A. Technician wages B. Return on money invested C. Manager’s salary D. All of the above
A production cost report aids in preparing an income statement by providing data for ________
A) period costs incurred during the period B) various inventory accounts C) cost of goods sold during the period D) revenues generated during the period
Written defamation is libel
Indicate whether the statement is true or false
If the formula for elasticity results in a measure of elasticity (E) greater than 1, demand is said to be inelastic.
Answer the following statement true (T) or false (F)