Answer the following statement(s) true (T) or false (F)
It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership.
ANSWER: False
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The denominator of a return ratio will be some measure of the company's income for the period
a. True b. False Indicate whether the statement is true or false
Which of the following statements regarding Standards contained in the FASB Accounting Standards Codification (ASC) is true?
A) They have the force of law, and failure to follow them can be prosecuted. B) They apply to financial reporting by all U.S. companies. C) They were created in 2009 when the ASC was created and did not exist prior to that time. D) They have to be approved by the SEC before they become effective.
Eichholtz Company uses 10,000 units of a part in its production process. The costs to make a part are: direct material, $12; direct labor, $25; variable overhead, $13; and applied fixed overhead, $30 . Eichholtz has received a quote of $55 from a potential supplier for this part. If Eichholtz buys the part, 70 percent of the applied fixed overhead would continue. Eichholtz Company would be better
off by a. $50,000 to manufacture the part. b. $150,000 to buy the part. c. $40,000 to buy the part. d. $160,000 to manufacture the part.
When a credit memo is issued, the customer's account is debited to reduce the amount the customer owes
Indicate whether the statement is true or false