Which of the following statements about the Personal Articles Floater is (are) true? I. It is designed to cover several classes of personal property. II. Coverage is written on an "open perils" (all-risks) basis
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: C
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Equipment is classified as a ____________________ asset on the balance sheet
Fill in the blank(s) with correct word
Some of Body Shop's recent advertising has emphasized the difference between the company's principles and those of "mainstream" cosmetics companies on such issues as animal testing. As described here, Body Shop's ads illustrate positioning by:
A) competition. B) niche. C) quality/price. D) attribute/benefit. E) culture.
On December 1, Orenthal Marketing Company received $5400 from a customer for a 2-month marketing plan to be completed January 31 of the following year. The cash receipt was recorded as unearned fees. The adjusting entry for the year ended December 31 would include:
A. a debit to Earned Fees for $3600. B. a credit to Earned Fees for $3600. C. a debit to Earned Fees for $5400. D. a credit to Unearned Fees for $1800. E. a debit to Unearned Fees for $2700.
Generally accepted accounting principles
a. are accounting adaptations based on the laws of economic science. b. derive their credibility and authority from legal rulings and court precedents. c. derive their credibility and authority from the federal government through the financial reporting section of the SEC. d. derive their credibility and authority from general recognition and acceptance by the accounting profession.