The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method which is
a. is used for tax purposes
b. must be used for financial statement purposes
c. is required by the SEC
d. expenses an asset over a single year because capital acquisitions must be expensed in the year purchased
Ans: a. is used for tax purposes
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Plutonomy refers to the passage of individuals from one social class to another
Indicate whether the statement is true or false
The times-interest-earned ratios of Orlando Company are 20.56 and 7.35 for 2018 and 2019, respectively. Which of the following can be the possible reason for such a change from 2018 to 2019?
A) Orlando Company incurred less debt specifically in its revolving line of credit. B) Orlando Company incurred more debt specifically in its revolving line of credit. C) Orlando Company paid less interest in its revolving line of credit. D) Orlando Company's debt-paying ability increased.
______ is the act of creating useful processes or products based on creative thought processes.
A. Innovation B. Creativity C. Diversity D. Affirmative action
If assets are $88,000 and liabilities are $27,300, then equity equals:
A. $60,700. B. $203,300. C. $27,300. D. $115,300. E. 88,000.