A company cannot have a liability if the amount of the obligation is unknown.
Answer the following statement true (T) or false (F)
False
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The annual interest earned on an amount deposited into a bank account will increase each year when simple interest is used
Indicate whether the statement is true or false
The _________________________ Act was also known as the bill of rights for union members.
Fill in the blank(s) with the appropriate word(s).
_____ occurs when a deli decides to buy its office supplies from a company that regularly buys sandwiches for its employees.
A. Reciprocity B. Joint demand C. Elastic demand D. Derived demand E. Bidding conformity
In the context of financial accounting, if a firm wants to introduce any significant changes in how it prepares its financial statements, _____.
A. it must first pay a fee to the CPA firm conducting its audit B. it must get the changes preapproved from a district magistrate C. it mustget approval for these changes from at least ten other firms working in the same sector D. it must first clearly identify and describe these changes as per the generally accepted accounting principles (GAAP)