Line item expenditures for which among the following products are more likely to remain
constant month after month?
A) children's toys B) women's clothing
C) industrial equipment D) consumer electronic goods
C
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Respondents' inability to remember leads to three types of error. Which of the errors listed below is not mentioned in the text as one of the types of errors created by respondents?
A) telescoping B) creation error C) recall error D) omission error
The cost of a building to be used in the operations of a business should usually include all of the following except
a. cost of renovation to prepare the building for its intended use. b. costs of building permits related to expansion of the building begun after acquisition. c. property taxes related to periods prior to acquisition that are assumed by the buyer. d. costs incurred to have existing buildings removed to make room for the construction of new buildings.
At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following statements is true?
A) Total assets will be understated at the end of the current year. B) The balance sheet and income statement will be misstated but the statement of owner's equity will be correct for the current year. C) Net income will be overstated for the current year. D) Total liabilities and total assets will be understated.
To collect under an insurance policy for a theft loss, the insured must
a. notify the police. b. notify the insurance company. c. provide proof of the loss. d. all of these.