Which Federal Reserve Bank president always has a vote in the Federal Open Market Committee?
A) Philadelphia
B) New York
C) Boston
D) San Francisco
B
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Which of the following is the correct journal entry for a return of goods that were purchased on account under the periodic inventory system?
Lawrence, an employee of Light, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $118,500, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Which of the following is a part of the journal entry to record the employer's payroll taxes?
A) debit to Payroll Tax Expense B) debit to FICA Taxes Payable C) credit to Payroll Tax Expense D) debit to Cash
A firm may retire an asset from service by trading it in on a new asset. U.S. GAAP and IFRS require that firms record trade-in transactions at _____ unless they lack commercial substance
a. present value of future cash flows b. replacement value c. liquidation value d. fair value e. undiscounted cash flows
Driving down the street you stupidly run a red light and hit a car legally going through a green light. You knock that car into a parked car, which knocks a loaded gun out of the parked car that falls on the street and fires a bullet that hits a person walking on the sidewalk. That person sues you in tort for damages. They will probably:
a. win because you were negligent and caused their injury b. win because strict liability would apply to your actions c. win because carrying a loaded gun is dangerous d. lose because traffic violations may not be the basis for tort actions e. none of the other choices