Which of the following is NOT true?
a. Quartz rocks made good money in ancient times because of their excellent portability.
b. Money must be accepted by the general population it is meant to serve.
c. Money must be easily divisible so that buyers can receive “change” if the item they bought was not worth as much as the money they gave the merchant.
d. Paper makes good money because of its portability.
e. Coins make good money because of their durability.
a. Quartz rocks made good money in ancient times because of their excellent portability.
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Over the life of an asset, the total of the amounts of the calculated annual net income will be about the same, regardless of the method of depreciation
a. True b. False Indicate whether the statement is true or false
One characteristic of employee fraud is that the fraud
a. is perpetrated at a level to which internal controls do not apply b. involves misstating financial statements c. involves the direct conversion of cash or other assets to the employee's personal benefit d. involves misappropriating assets in a series of complex transactions involving third parties
In December 2020, Quebecor Printing received magazine subscriptions for 2021 from customers, who paid $500 in cash. What would be the appropriate journal entry for this event in December 2020?
A. Debit Subscription Revenue, $500; credit Cash, $500. B. Debit Cash, $500; credit Deferred Revenue, $500. C. Debit Cash, $500; credit Subscription Revenue, $500. D. No journal entry is necessary.
The traditional form of a corporation is called a C corporation.
Answer the following statement true (T) or false (F)