Which one of the following best defines an internal event in terms of accounting?
a. Every type of transaction is an internal event.
b. An event recognized in a set of financial statements.
c. A happening of consequence to an entity.
d. An event occurring entirely within an entity.
d
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Under the FLSA, which statement is true of child labor?
A. Children aged 14 and 15 may not be employed in any work associated with interstate commerce. B. The FLSA's restrictions on the use of child labor apply to children younger than 18. C. All the states have laws requiring working papers or work permits for minors. D. Children aged 18 and 19 may not be employed in hazardous occupations defined by the Department of Labor. E. Children aged 18 and 19 may work only outside school hours, in jobs defined as nonhazardous, and for limited time periods.
Concerning purchase discounts, which one of the following statements is true?
A) Purchase discounts taken should be deducted from the acquisition cost of the inventory. B) The net price method results in recording accounts payable at the maximum value of the liability that the company may be required to pay out. C) Purchase discounts lost should be included in the cost of inventory. D) An advantage of the gross price method is that it isolates purchase discounts lost and thus highlights inefficiencies.
The modified cash basis of accounting combines aspects of the cash method of accounting and the accrual method of accounting
Indicate whether the statement is true or false
The first step in the planning process is defining the negotiating goal. What are the three goals negotiators choose from?
What will be an ideal response?