The duration of a franchise is a matter determined by federal or state statutes
Indicate whether the statement is true or false
F
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Assume that the current corporate bond yield curve is upward sloping. Under this condition, then we could be sure that
A. The economy is not in a recession. B. Long-term bonds are a better buy than short-term bonds. C. Maturity risk premiums could help to explain the yield curve's upward slope. D. Long-term interest rates are more volatile than short-term rates. E. Inflation is expected to decline in the future.
Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. What entry is required in the company's accounts?
A) debit Sales; credit Cash B) debit Cash; credit Accounts Receivable C) debit Cash; credit Sales D) debit Accounts Receivable; credit Cash
The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. Compute the material quantity variance
A) 63,000F B) 63,000U C) 59,400F D) 59,400U
Information that is material means that an error in recording the dollar amount of a transaction would:
A) likely affect the judgment of someone relying on the financial statements. B) not affect the decisions of financial statement users. C) not impact a business decision of a creditor. D) result in the overstatement of assets or income.