Match each term with its definition.
A. Chart of accounts
B. External transactions
C. Internal transactions
D. Accounting cycle
E. Accounts
A. A list of all account names used to record transactions of a company.
B. Activities of the company conducted with separate economic entities.
C. Events that affect the financial position of the company but do not include an exchange with a separate economic entity.
D. Full set of procedures used to accomplish the measurement/communication process of financial accounting.
E. A summary of the effects of all transactions related to a particular item over a period of time.
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Stacey has $5,000,000 on deposit in a fund that earns 9% interest compounded annually. How much can Stacey withdraw annually from the fund in ten equal annual withdrawals to completely deplete the fund after the tenth draw, assuming the first withdrawal occurs one year from today?
A) ?$450,000 B) ?$714,771 C) ?$779,100 D) ?$555,555
Service desks that recognize information as a resource and try to prevent incidents and prepare for the future are known as ____ service desks.
A. preventative B. proactive C. leading edge D. centralized
Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data
Proposal X Proposal Y Investment $10,700,000 $580,000 Useful life 5 years 5 years Estimated annual net cash inflows for 5 years $2,140,000 $103,000 Residual value $50,000 $26,000 Depreciation method Straight-line Straight-line Required rate of return 12% 13% Calculate the payback period for Proposal X. A) 5 years B) 4 years C) 9 years D) 8 years
A court may depart from a precedent if the precedent is no longer valid
a. True b. False Indicate whether the statement is true or false