Canada and the United States are signatories of the Berne Convention. Doug, a citizen of Canada, publishes a book first in Canada and then in the United States. Doug's copyright must be recognized by
A. Canada only.
B. Canada and the United States only.
C. all of the signatories of the Berne Convention.
D. none of the choices.
Answer: C
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What is the "representation gap"? What evidence, if any, exists to suggest that there may be a representation gap in the United States?
What will be an ideal response?
Marsha Bogswell is the sole stockholder of Bogswell Legal Services. Which accounting principle requires Marsha to keep her personal financial information separate from the financial information of Bogswell Legal Services?
A. Monetary unit assumption. B. Expense recognition (Matching) principle. C. Business entity assumption. D. Measurement (Cost) principle. E. Going-concern assumption.
The City of Columbus should not consider the purchase price of its old vehicle when making the decision to replace it with a more cost effective new vehicle.
Answer the following statement true (T) or false (F)
Johanson Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.4pounds$8.00per pound$27.20Direct labor0.70hours$21.00per hour 14.70Fixed manufacturing overhead0.70hours$13.50per hour 9.45Total standard cost per unit $ 51.35During the year, the company purchased 89,600 pounds of raw material at a price of $7.80 per pound and used 79,120 pounds of the raw material to produce 23,300 units of work in process.Assume that all transactions are recorded on a worksheet as shown in the text. On the left-hand side of the equals sign in
the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net). All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.When recording the raw materials purchases, the Raw Materials inventory account will increase (decrease) by: A. ($716,800) B. $716,800 C. ($698,880) D. $698,880