What is defined as any data item in a record that is used to identify the record?
A) an attribute
B) a key
C) a primary key
D) an entity
B
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The following items were reported on the balance sheets and income statement for Centerton Inc, a service company: Accounts payable, December 31, 2015 $ 64,000 Accounts payable, December 31, 2016 48,000 Operating expenses—2016 170,000 What amount would be reported in the operating activities section of the statement of cash flows for payments for operating expenses under the direct method?
a. $186,000 b. $154,000 c. $180,000 d. $170,000
The accounting cycle followed each period by a company includes recording transactions, storing the data, organizing the information, summarizing the events and arrangements, adjusting the accounts, reporting the accounting information in financial statements, and then closing the books
Indicate whether the statement is true or false
For a merchandising business, a sale is a transfer of merchandise from one business or individual to another in exchange for cash or a promise to pay cash
Indicate whether the statement is true or false
The net present value method of evaluating proposed investments
a. measures a project's internal rate of return. b. ignores cash flows beyond the payback period. c. applies only to mutually exclusive investment proposals. d. discounts cash flows at a minimum desired rate of return.