What is a digital wallet?
A. An Internet-based company that facilitates payments over the Internet.
B. A mechanism for sending a payment from a checking or savings account.
C. A system that sends bills over the Internet and provides an easy-to-use mechanism to pay the bill.
D. Both software and information - the software provides security for the transaction and the information
includes payment and delivery information.
D. Both software and information - the software provides security for the transaction and the information
includes payment and delivery information.
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Which inventory cost flow assumption emphasizes the balance sheet as opposed to the income statement?
a. LIFO method b. FIFO method c. weighted-average method d. acquisition cost e. specific identification method
The cost of merchandise sold during the year was $60,0000 . Merchandise inventories were $10,500 and $12,500 at the beginning and end of the year, respectively. Accounts payable were $10,000 and $9,000 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total ________
a. $63,000 b. $61,000 c. $53,000 d. $57,000
Which of the following is not true regarding an asset that lasts longer than its estimated life?
a. It is not depreciated past the point at which its carrying value equals its residual value. b. Its total accumulated depreciation will exceed its total depreciable cost. c. If the asset is fully depreciated and its residual value is zero, its carrying value is zero. d. Its cost and accumulated depreciation remain on the books until it is disposed of.
Gross domestic product (GDP) is the
A. total market value of goods and services consumed in a year. B. total market value of goods and services provided in an economy in a year by both residents and nonresidents of that country. C. manufacturers' selling price of goods (but not services) produced in a year. D. total market value of goods (but not services) produced in an economy in a year. E. None of these answers is correct.