Which of the following is an application of conservatism?
A) reporting inventory at the lower of cost or market
B) reporting only material amounts in the financial statements
C) reporting all relevant information in the financial statements
D) using the same depreciation method from period to period
A
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Which one of the following transactions would result in the creation of a noncurrent deferred tax liability?
A) interest received on municipal bonds B) a contingent liability expensed in the current period that is expected to require a cash payment in three years C) royalties received in advance that are taxable when received, but that will be earned within the next three months D) using an accelerated depreciation method for income tax purposes and the straight-line method for financial reporting purposes
What are the ten deadly marketing sins? Please include the signs that the sin exists and a suggested solution for each
What will be an ideal response?
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Mason, who is a waiter, is injured when an unopened bottle of cola explodes in his hand while he is putting it into the restaurant's cooler. If Mason wants to sue the bottling company for his injuries:
A) he will lose, because it will be impossible for him to prove that the bottle was overpressurized by the bottler. B) he will lose, because the bottling company has no duty to him. C) he will probably win if the court allows him to use the res ipsa loquitur doctrine. D) he will win based on the last clear chance rule.