Net income appears in which financial statements?
a. Balance Sheet;
b. Income Statement; c. Statement of Owner's Equity; d. A & B;
e. B & C.
E
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As a business grows or evolves it is necessary for the accounting system to
A) stay the same according to the consistency principle. B) completely change computerized accounting systems and simplify to a manual system. C) completely change all manual accounting systems to one that is computerized. D) adapt or modify to meet the specific needs of the business.
Which of the following statements is false?
a. Favorable variances are recorded in the general journal as debits and unfavorable variances are recorded as credits. b. Variances are closed out at the end of each accounting period. c. Only standard costs are recorded in the inventory accounts. d. A variance is the difference between an actual cost and a standard cost.
An agreement between a buyer and a seller is called a cartel
Indicate whether the statement is true or false
What purpose does the northwest-corner rule serve?
What will be an ideal response?