All of the following characteristics are common to both tangible and intangible noncurrent assets with finite lives except
A) ?held for use and not for investment.
B) expensed in the periods in which the assets are used in operations.
C) ?have either a physical or financial nature.
D) ?derive value from the ability to generate economic benefits.
C
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An example of a Type I subsequent event would be a significant lawsuit that is initiated relating to an incident that occurred after the balance sheet date
a. True b. False Indicate whether the statement is true or false
All of the following would normally be considered industrial products EXCEPT:
a. office furniture b. supplies such as pen and paper c. janitorial services d. major appliances e. raw materials
What is the probability that a product will function properly for a specified time under stated conditions?
A) functionality B) maintenance C) durability D) reliability E) fitness for use
Berkley's gross pay for the month is $14,40000. His deduction for federal income tax is based on a rate of 18%. He has no voluntary deductions. His yearly pay is under the limit for OASDI. What is Berkley's net pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
A) $10,706.40 B) $14,400.00 C) $13,298.40 D) $11,808.00