Given the following events, which ones affect cash flows from investing activities? 1. Collection from issuing capital stock 2. Payment of a dividend 3. Purchases of property, plant, and equipment 4. Collection from the sale of property, plant, and equipment
A) 1 and 2
B) 3 and 4
C) 2 and 4
D) 1, 2, 3, and 4
B
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Which of the following is an example of a measurement rather than a calculation?
a. FIFO inventory valuation b. Replacement cost of ending inventory c. LIFO cost of goods sold d. Historical cost depreciation
In civil law, there is no room for ambiguity in applying the law because much of the law is established by past precedent.
Answer the following statement true (T) or false (F)
Dividends are declared and paid to the company's stockholders. What effect does this transaction have on the company's accounting equation?
A) Assets and liabilities decrease B) Assets and retained earnings decrease C) Liabilities decrease and retained earnings increases D) Liabilities increase and contributed capital decreases
Strict product liability exists if:
a. the consumer misuses the product. b. the consumer alters the product before he or she uses it. c. a defective, unreasonably dangerous product reaches the consumer or user without substantial change in the condition in which it is sold. d. the consumer gives the manufacturer or seller notice of the defect.