When management by exception is employed, both favorable and unfavorable variances should be investigated
Indicate whether the statement is true or false
T
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Purchases and sales of long-term investments for the period should be netted for disclosure in the investing activities section of the statement of cash flows
Indicate whether the statement is true or false
Most organizations require application forms to be completed because they provide a fairly quick and systematic means of obtaining a variety of information about the applicant.
Answer the following statement true (T) or false (F)
An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record:
A. A gain on sale of $1,000. B. A gain on sale of $2,000. C. A loss on sale of $2,000. D. A loss on sale of $1,000. E. Neither a gain or loss is recognized on this type of transaction.
If a product is safe for ordinary use, and a producer provides instructions on use for consumers, then strictly liable in tort is eliminated
a. True b. False Indicate whether the statement is true or false