A company purchased a computer on July 1, 2017 for $50,000. Estimated useful life of the computer was five years, and it has no residual value. Which of the following methods should be used to best match its expense against the revenue it produces?
A) the units-of-production method
B) the straight-line method
C) the double-declining-balance method
D) the first-in, first-out method
C
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Which of the following would be considered a revenue expenditure?
a. Cleaning the ink from a printing press b. Addition of a storeroom c. Purchase of office furniture d. Installation of audiovisual equipment in a classroom
Contributed capital is shown on a corporate balance sheet as two amounts: the par value of the issued stock and retained earnings
Indicate whether the statement is true or false
My brother must have had the angels watching over him yesterday. As he ________ from branch to branch like a monkey in a tree, he ________ thirty feet and all he got was a scratched toe
A) swang/had fallen B) swung/fallen C) is swinging/falls D) was swinging/fell
Which of the following statements is accurate regarding a condition?
a. A condition is created only when the phrase "provided that" or a similar phrase introduces it. b. A condition is an event that must occur before a party becomes obligated under a contract. c. A condition must be expressly stated in order to be enforced. d. A condition will not be enforced by the courts unless formal language is used, regardless of the intent of the parties to create a condition.