Which of the following is classified as "portfolio income"?
I.Interest income on CDs from First National BankII.Loss realized from the sale of one-half of the stock invested in shares of Lockleed Corp.; Lockleed is a qualified small business?
A. Only statement I is correct.
B. Only statement II is correct.
C. Both statements are correct.
D. None of the statements are correct.
Answer: C
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Which of the following could test the assertion of cutoff for payroll-related liabilities?
A. Compare items in accrued payroll taxes to the supporting payroll tax return. B. Search for unrecorded liabilities. C. Review payroll liabilities for proper classification as short- or long-term. D. Examine payroll tax returns to determine that the expense was recorded in the proper period.
If the contribution margin on a new product line is $15, fixed costs are $165,000, and the total market for the product is 22,000 units, then the breakeven analysis would recommend that the company
a. abandon the new product line. b. decrease the sales price per unit. c. increase fixed costs (such as advertising) to lower the breakeven units. d. adopt the new product line.
An instruction to a securities agent to sell a stock when it reaches a specific price is a ________
A) short sell B) market order C) limit order D) stop loss order
Most WLANs run on a telecommunications standard known as
A) IEEE 802.17. B) IEEE 802.16. C) IEEE 802.14. D) IEEE 802.11.