United States immigration officers may not detain illegal aliens under warrants issued
by the Attorney General unless a magistrate has ruled the warrant valid.
a. True
b. False
b
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A limited partnership may have:
A) no partner B) a general partner C) a limited partner D) B and C above E) at least two general partners and at least one limited partner
On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 1,660,000 yen. The exchange rate was $0.00853 per yen on the date of sale. On December 31, when Higgins prepared its financial statements, the exchange rate was $0.00859. Kagome paid in full on January 12, when the exchange rate was $0.00877. On December 31, Higgins should prepare the following journal entry:
A. Debit Accounts Receivable-Kagome $99.6; credit Foreign Exchange Gain $99.6. B. Debit Foreign Exchange Loss $99.6; Accounts Receivable-Kagome $99.6. C. Debit Sales $99.6; credit Foreign Exchange Gain $99.6. D. Debit Foreign Exchange Loss $99.6; credit Sales $99.6. E. No journal entry is required until the amount is collected.
The four-digit codes used by the government to classify firms into industries are known as
A) ratio standards. B) EIC codes. C) USIC codes. D) financial benchmarks. E) SIC codes.
The state of Virginia charges motorists 50 cents for every trip across a toll bridge over the James River. This charge is an example of a(n):
A. Activity-based tax B. Transaction-based tax C. User's fee D. Excise tax