Answer the following statements true (T) or false (F)
1. If an asset is disposed of during the year, there is no need to calculate depreciation from the beginning of the year of disposal to the date of disposal.
2. A business, which has a calendar year accounting period, purchased an asset on March 1, 2018. The business disposed of the asset on August 31, 2019. For the calendar year 2019, depreciation should be calculated from January 1 to August 31.
3. If a business changes the estimated useful life, or estimated residual value, of a plant asset, depreciation expense must be recalculated.
4. When a company makes an accounting change in estimate, Generally Accepted Accounting Principles require that the company make changes to financial statements of prior years.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
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The best way for a firm to keep its proprietary technologies, recipes, or formulas secret is to obtain a patent.
Answer the following statement true (T) or false (F)
Garrell Corporation is conducting a time-driven activity-based costing study in its Customer Support Department. The company has provided the following data to aid in that study:?Activity cost pool:Time-driven activity rate (cost per unit of activity) ?Receiving Calls$5.46?Resolving Issues$8.58?Settling Disputes$13.26?Cost Object Data:Customer PCustomer Q?Number of calls received3121?Number of issues resolved1710?Number of disputes settled10Required:Using time-driven activity-based costing, determine the total Customer Support Department cost assigned to each customer.
What will be an ideal response?
In the ANOVA, treatment refers to _____
a. experimental units b. different levels of a factor c. a factor d. applying antibiotic to a wound
) Eleven years ago, a guitar cost $1,800. Today, that same guitar costs $3,650. What has been the inflation rate on this instrument?
A) 6.64 percent B) 6.32 percent C) 6.57 percent D) 6.81 percent E) 6.49 percent