Which one of the following disclosures is required by generally accepted accounting principles?
A) depreciation expense for each major class of asset
B) balances of major classes of depreciable assets by nature or function
C) accumulated depreciation on each depreciable asset
D) an explanation of why the depreciation method used was selected by management
B
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If a corporation has issued common stock at various prices that exceed par value, legal capital will be made up of the
A) par value of the shares issued. B) total stockholders' equity plus total liabilities. C) total amount of contributed capital. D) total amount of contributed capital plus retained earnings.
How much would be in your savings account in 7 years after depositing $200 today if the bank pays 10 percent per year?
The profit margin and asset turnover ratios are important measures, but they have a limitation. Describe these limitations and discuss the ratio that can be used to overcome these deficiencies