If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of
a. Comparability
b. Consistency
c. Neutrality
d. Understandability
a
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Cerrato Company has assets of $350,000, liabilities of $130,000, and retained earnings of $180,000 . How much is total owners' equity?
a. $ 40,000 b. $ 170,000 c. $ 220,000 d. $ 350,000
When imposing parallelism in writing, what should a writer pay special attention to?
A) Making definitive statements about a topic B) Expressing similar ideas with the same grammatical structure C) Breaking up overly long sentences D) Modifying nouns and verbs with modifiers E) Keeping the subject and predicate of a sentence as close together as possible
List the claims and defenses available to a holder in due course under the Revised Article 3 of the Uniform Commercial Code.
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The process of going out of business by selling the entity's assets, paying its liabilities, and distributing any remaining cash to the partners based on their equity balances is known as liquidation. 2. While liquidating a partnership, the cash remaining after paying all liabilities is paid to the partners based on their profit-and-loss-sharing agreement. 3. Upon liquidation of a partnership, gains and losses on the sale of assets are divided according to the partner's capital balances. 4. Upon liquidation of a partnership, the cash received from the sale of assets is first returned to the capital balances of the partners. The remaining cash is then used to pay off the liabilities of the business.