Which of the following is not true?
a. Gains (losses) are increases (decreases) in net assets from peripheral or incidental transactions of an entity and from other transactions and events affecting the entity except those that result from revenues (expenses) or investments by (distributions to) owners.
b. Firms usually report gains and losses from sales of assets or settlements of liabilities at a net amount; that is, equal to the difference between the net asset received and the carrying value of the asset sold or between the net asset given and the carrying value of the liability settled.
c. Gains and losses never arise from the remeasurement of assets and liabilities.
d. Firms realize gains and losses when they sell or exchange assets or settle liabilities in market transactions.
e. Firms recognize gains and losses when those items enter the measurement of net income or other comprehensive income.
C
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When the difference in the location of two populations is to be compared based on observations from two independent samples, and the variable is measured on an ordinal scale, the ________ can be used
A) Kolmogorov-Smirnov one-sample test B) runs test C) binomial test D) Mann-Whitney U test
Franco buys a sofa from Grey at a garage sale. Franco writes Grey a check for $50 to pay for the couch. Grey is
A. none of the choices. B. the drawee. C. the drawer. D. the payee.
With the direct write-off method, writing off an account receivable is an asset use transaction.
Answer the following statement true (T) or false (F)
Matt Walsh, a golf pro from Hawaii, was a video operator for the New England Patriots from 1999-2002 . Walsh says that he taped the Patriots' opponents' signals, information that he says was then used by the Patriots when they next met that team. If you know the signals, then you know what defense has planned. Offense is then a tad easier. Some quotes emerged from the situation: From Patriots'
coach, Bill Belichick, "I misinterpreted the rules.". From Jacksonville Coach Jack Del Rio on the videotaping, "I think all teams do that. That's been going on forever.". From Matt Walsh, "I had always been a big Patriots fan. I wasn't going to question what they wanted me to do.". From Pennsylvania Senator Arlen Specter, "If you can cheat in the NFL, you can cheat in college, you can cheat in high school, you can cheat on your grade-school math test. There's no limit as to what you can do. I think they owe the public a lot more candor and a lot more credibility.". What rationalization is the Jacksonville coach applying? a. "Everybody does it." b. "That's the way it has always been done." c. "If we don't do it. . ." d. All of the above