Which of the following is not true regarding a credit card expense?
A. Credit card expense is not recorded by the seller.
B. Credit card expense may be classified as an administrative expense.
C. Credit card expense is a fee the seller pays for services provided by the card company.
D. Credit card expense may be classified as a selling expense.
E. Credit card expense may be classified as a "discount" deducted from sales in the calculation of net sales.
Answer: A
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A company purchased a new delivery van at a cost of $45,000 on July 1. The delivery van is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?
A. $4,000. B. $3,500. C. $7,000. D. $3,250. E. $6,500.
Type I subsequent events indicate conditions that did not exist at the balance sheet date, but that may require disclosure
a. True b. False Indicate whether the statement is true or false
If the returns of two firms are negatively correlated, then one of them must have a negative beta.
Answer the following statement true (T) or false (F)
The ‘control of variance’ ensures that the independent variable has the minimum chance of affecting the dependent variable.
a) True b) False