Explain the difference between collecting and hoarding
What will be an ideal response?
Collecting refers to the systematic acquisition of particular objects or a set of objects, where hoarding reflects the reluctance to discard used objects.
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According to the doctrine of agency at will, ________.
A. either party can terminate the agency anytime, if there is a contractual right to do so B. only the agent can terminate the agency C. only the principal has the right to terminate the agency at his will D. each party has the power to terminate the agency even if there is no contractual right to do so
Which element below describes emotions?
A. generalized feelings B. usually directed at a specific object or person C. last for a relatively long period of time D. usually negative in nature
Answer the following statements true (T) or false (F)
1. A trend analysis would be used if an analyst wants to see how the gross profit of a company has changed from one year to the next. 2. A horizontal analysis would be used if an analyst wants to see how the assets of a company have changed from one year to the next. 3. A vertical analysis of a financial statement reveals the relationship of each statement item to its base amount, which is the 100% figure. 4. A vertical analysis percent is computed by dividing the base amount by the specific item and then multiplying by 100. 5. In a vertical analysis of the income statement, each line item is shown as a percentage of net sales revenue.
Generally Accepted Accounting Principles, developed by the Financial Accounting Standards Board, provide procedures and guidelines to be followed in the accounting and reporting process
Indicate whether the statement is true or false