In specific areas of the country, flood insurance may be provided through the federal government's National Flood Insurance Program
Indicate whether the statement is true or false.
TRUE
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What impact does materiality have on the determination of how a cost related to a plant asset is reported on the financial statements?
Since marketing research information is often used in making significant decisions, the opportunity exists for a lack of total objectivity in the research process
Indicate whether the statement is true or false
A company purchases 800 shares of its $50 par value common stock at $55 per share. It then reissues 120 shares at $58 per share. The entry upon reissue of the stock is :
A) Cash 6,960 Treasury Stock-Common 6,600Paid-in Capital, Treasury Stock 360 B) Cash 6,960 Treasury Stock-Common 6,960 C) Cash 6,960 Paid-in Capital, Treasury Stock 6,96 D) Cash 6,960 Treasury Stock-Common 6,000Retained Earnings 960
On September 12, Vander Company sold merchandise in the amount of $9000 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5600. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:
A.
| Accounts payable | 9000? | |
| Merchandise inventory | 180? | |
| Cash | 8820? |
B.
| Purchases | 8820? | |
| Cash | 8820? |
C.
| Accounts payable | 9000? | |
| Purchases discounts | 180? | |
| Cash | 8820? |
D.
| Cash | 8820? | |
| Accounts receivable | 8820? |
E.
| Cash | 8820? | |
| Purchases discounts | 180? | |
| Accounts payable | 9000? |