Most large companies will use only one inventory costing methods for all of its different segments
Indicate whether the statement is true or false
False
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The state law of Michigan issues a tax on commerce carried on with states outside Michigan. The Congress enacted legislation that did not involve any taxes on interstate commerce to chiefly promote national uniformity. This conflict between the federal law and the state law resulted in the state law to be treated as unconstitutional. Which of the following statements is true of this case?
A. The state of Michigan has exclusive power on interstate commerce where there is a need for national uniformity. B. The federal law has been impliedly preempted. C. The federal law is said to be expressly preempted. D. The state law of Michigan is said to be expressly preempted.
An unqualified audit opinion with an explanatory paragraph often makes reference to the footnotes of the financial statements
a. True b. False Indicate whether the statement is true or false
The difference between mortgages payable and notes payable is that notes payable are always secured by specific assets
Indicate whether the statement is true or false
A 10-year corporate bond has an annual coupon of 9%. The bond is currently selling at par ($1,000). Which of the following statements is CORRECT?
A. The bond's expected capital gains yield is zero. B. The bond's yield to maturity is above 9%. C. The bond's current yield is above 9%. D. If the bond's yield to maturity declines, the bond will sell at a discount. E. The bond's current yield is less than its expected capital gains yield.