Which of the following is true of private money?
A. It can only be used for making payments between private parties who agree in advance to its use.
B. It cannot consist of any other sort of transferable material but official money.
C. It can be used to pay public debts.
D. It is an example of reserve currency.
Answer: A. It can only be used for making payments between private parties who agree in advance to its use.
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The result of closing entries is that balances in all temporary accounts
a. are adjusted to historical cost. b. include monthly depreciation. c. are adjusted to current market values. d. are adjusted to budgeted amounts. e. None of these answer choices are correct.
A company had net sales of $752,000 and cost of goods sold of $543,000. Its net income was $17,530. The company's gross margin ratio equals:
A. 27.8% B. 34.7% C. 24.5% D. 18.9% E. 35.2%
________ is an electronic equivalent of word-of-mouth advertising.
A. Trendiness B. Viral marketing C. Sales promotion D. Ambush marketing
Joint tenants must have equal interests in their property
Indicate whether the statement is true or false