Answer the following statements true (T) or false (F)
Most firms elected to define funds in the statement of changes in financial position as cash.
ANSWER: F
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In preparing the financial statements for December 31, 2016, an accountant improperly classified the payment of prepaid rent as rent expense. Which of the following amounts would not be affected by this improper classification?
a. Retained earnings, January 1, 2016 b. Retained earnings, December 31, 2016 c. Net income d. Total assets
An attorney-in-fact is the label given to an agent whose authority is:
A. assumed after the death of the principal. B. in writing. C. apparent. D. implied.
Companies that use brand ambassadors are most likely involved in ________ marketing
A) ambush B) spam C) buzz D) viral E) database
Freight-in is considered a cost of purchasing inventory
Indicate whether the statement is true or false