Answer the following statements true (T) or false (F)
Consistency refers to the degree of reliability users should find in financial statements when evaluating financial condition or the results of operations on an interfirm basis or predicting income or cash flows.
ANSWER: F
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Rufina Corp sold for $20,000 plant assets that cost $40,000 and that had an accumulated depreciation of $8,000. The journal entry to record the transaction is:
A) Cash 20,000 Plant Assets 20,000 B) Plant Assets 32,000 Cash 32,000 C) Cash 20,000 Accumulated Depreciation 8,000Loss on Sale of Plant Assets 12,000Plant Assets 40,000 D) Cash 20,000 Loss on Sale of Plant Assets 12,000Plant Assets 32,000
While some businesses have been granted charters under state laws, most businesses receive their charters under federal laws
Indicate whether the statement is true or false
From the selections offered below, select the one journal entry that properly presents the application of Factory Overhead to Work in Process if the driver is Drop-Forge Strokes and the rate is $1.75 per stroke and the meter read 1,780 at the start of the day and 2,890 at the end of the day
A) Jan 21 Work in Process 1.75Factory Overhead 1.75 B) Jan 21 Work in Process 1,942.50Depreciation Expense 1,942.50 C) Jan 21 Work in Process 1,942.50Cash 1,942.50 D) Jan 21 Work in Process 1,942.50Factory Overhead 1,942.50
Define and examine the three types of support for creativity in organizations.
What will be an ideal response?