The installment sale method of accounting does not apply to which of the following sales?
A. Sale of business equipment
B. Sale of 12-acre tract of land held as inventory by a real estate developer
C. Sale of U.S. Treasury notes
D. The method does not apply to the sale of 12-acre tract of land held as inventory by a real estate developer or to the sale of U.S. Treasury notes.
Answer: D
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The revenue recognition principle does not pertain to long-term contracts, franchises, commodities, and installment sales
a. True b. False Indicate whether the statement is true or false
Consumer tastes and preferences are changing due to ______.
A. growing health awareness B. the U.S. population becoming younger C. increasing costs of most consumer goods D. difficulty of procuring staple food items
The great disparity in income throughout the world permits worldwide product standardization.
Answer the following statement true (T) or false (F)
Suppose the Texas legislature ruled that all motorcycle drivers and passengers under the age of 21 had to wear helmets. This could be attacked by a young motorcycle driver who did not want to wear a helmet as a violation of:
a. the due process clause because it is a restriction on personal freedom b. the due process clause because it does not advance a state interest c. the equal protection clause because it applies to people under 21 d. all of the other choices e. none of the other choices