Answer the following statements true (T) or false (F)
Timeliness and cost are pertinent to assessment measures but are not pertinent to prediction measures.
ANSWER: F
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Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax, what is the journal entry to record the cash sales?
A. Debit Sales Taxes Payable $4,680; debit Cash $73,220; credit Sales $78,000. B. Debit Cash $78,000; credit Sales $78,000; and record the taxes when paid. C. Debit Accounts Receivable $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680. D. Debit Cash $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680. E. Debit Cash $78,000; credit Sales $73,320; credit Sales Taxes Payable $4,680.
The Occupational Safety and Health Administration promulgated a rule requiring warehouse employees to wear hardhats when in the vicinity of an operating forklift. The purpose of the hardhats is to protect employees from danger of falling objects. This rule is A) an executive order
B) a statute. C) common law. D) administrative law.
Bond and Spear orally agreed that Bond would buy a car from Spear for $475 . Bond paid Spear a $100 deposit. The next day, Spear received an offer of $575, the car's fair market value. Spear immediately notified Bond that Spear would not sell the car to Bond and returned Bond's $100 . If Bond sues Spear and Spear defends on the basis of the statute of frauds, Bond will probably:
a. Lose, because the agreement was for less than the fair market value of the car. b. Win, because the agreement was for less than $500. c. Lose, because the agreement was not in writing and signed by Spear. d. Win, because Bond paid a deposit.
What is a real estate investment trust (REIT)?
What will be an ideal response?