Setup costs ______.
a. are the costs of setting up retail operations
b. are the costs of changing production from one item to another
c. are usually higher than holding costs
d. are the same as storage costs
b. are the costs of changing production from one item to another
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The U.S. Constitution provision that requires the government to compensate property owners when it takes private property is called ________.
A. the Due Process Clause of the Fourteenth Amendment B. the Establishment Clause of the First Amendment C. the Commerce Clause D. Just Compensation Clause
If the portions of the firm's foreign operations in higher-tax-rate countries grew more rapidly than foreign operations in lower-tax-rate countries, the company may seek out more tax effective ways of operating abroad through all of the following means except:
a. Assess whether transfer prices or cost allocations can be adjusted to shift income from high-tax-rate to low-tax-rate jurisdictions. b. Shift from domestic to foreign borrowing to increase deductions for interest against foreign-source income. c. Shift from debt to equity financing of foreign operations to increase interest deductions against foreign-source income. d. Shift some operations, like marketing, to the United States where the average tax rate is lower.
The direct write-off method
a. must be used for income tax reporting in the United States. b. is the method preferred by U.S. GAAP for financial reporting. c. prevents management of earnings by the firm. d. does not misstate the amount of accounts receivable on the balance sheet. e. none of the above.
Which journal would adjusting entries be found?
A) Cash Receipts Journal B) Cash Payments Journal C) General Journal D) General Ledger