It is not possible to have too much insurance coverage
Indicate whether the statement is true or false.
Answer: FALSE
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Sawyer Corporation purchased land in 2009 for $490,000 . In 2015, it purchased a nearly identical parcel of land for $660,000 . In its 2015 balance sheet, Sawyer valued these two parcels of land at a combined value of $1,320,000 . By reporting the land in this manner, Sawyer Corporation has violated which of the following?
a. Going concern assumption b. Cost principle c. Monetary unit measure d. Time Period assumption
Straight extension of the product means introducing ________
A) the product to the foreign market without any changes to the product B) the product to the foreign market with minor changes to the product C) the product to the foreign market with major changes to the product D) a customized product to the foreign market with a new marketing strategy E) a customized product to the foreign market with existing marketing strategy
Adequate backups will protect against all of the following except
a. natural disasters such as fires b. unauthorized access c. data corruption caused by program errors d. system crashes
For a construction firm using the completed-contract method, if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others, the contracts should ordinarily be reported as a
a. current asset of $200,000. b. current liability of $200,000. c. current asset of $1,000,000 less a contra-current asset of $800,000. d. current asset of $1,000,000 and a current liability of $800,000.