When a U.S. company does business with a British company and payment is in British pounds, an exchange gain or loss occurs if the exchange rate between dollars and pounds changes between the date of sale and the date of payment
Indicate whether the statement is true or false
T
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On February 5, Kirkland Co. purchased equipment that cost $35,000. The firm paid $5,000 cash and signed a long-term note payable for $30,000. Show the general journal entry to record this transaction.
What will be an ideal response?
Colton’s salary is $40,000 per year. This part of his compensation is considered ________.
A. base pay B. wage and salary add-on C. incentive pay D. benefits E. profit sharing
When Citi announced "repositioning actions to further reduce expenses..." in the Introduction to Chapter 5:
A) Citi was very clear in communication its own actions. B) Citi does not have to explain what it meant by "repositioning." C) Citi should have created simple and concise sentences to ensure clear communication. D) Citi needs to avoid adding an explanation to something that was very clear. E) Citi should avoid the verbal equivalent of head-locks and body-slams.
Which of the following acts requires disclosure of finance charges in terms of an annual percentage rate and requires that interest rates be calculated in a uniform manner in consumer credit transactions?
a. Equal Credit Opportunity Act b. Fair Credit Billing Act c. Truth-in-Lending Act d. FTC Act