When a party commits an anticipatory breach, the nonbreaching party ________
A) must wait until the performance was due before suing
B) is immediately discharged from his or her own duties
C) cannot seek damages because he or she received advance notice of the breach
D) loses his or her right to sue after the due date for performance is reached
B
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The classification assertion refers to transactions and events being recorded in the correct accounting period.
Answer the following statement true (T) or false (F)
Which of the following is the method of reporting amounts of cash received from customers less cash disbursed to various suppliers, employees, lenders for interest payments, and taxing authorities, allowed by U.S. GAAP?
a. the direct method b. the indirect method c. both the direct method and the indirect method d. the schedule of cash receipts and cash disbursements e. the funds flow statement
Rose Arts expects $45,000 of credit sales in April; $75,000 of credit sales in May; and $90,000 of credit sales in June. Rose Arts traditionally collects 66-2/3% of its sales in the month of the sale and the other 33-1/3% in the month following the sale. How much does Rose Arts expect to collect in May?
a. $60,000 b. $65,000 c. $90,000 d. $85,000
Which of the following costs is least likely to be classified as a fixed cost?
A) Factory rent B) Plant manager salary C) Direct materials D) Depreciation on factory building