Full disclosure of all important facts aids in overcoming the limitations of accounting information
Indicate whether the statement is true or false
True
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Output devices that capture printed images or documents and convert them into electronic digital signals that can be stored in computer media are called scanners
Indicate whether the statement is true or false
In which role might the accountant be the person who initiates the AIS acquisition cycle, and is in a prime position to recognize deficiencies and incompatibilities related to the existing AIS?
a. User b. analyst c. purchaser d. implementer
All of the following are external events (transactions) except for
a. a department store recognizing losses from shoplifting. b. a department store running ads in a local newspaper. c. a department store purchasing merchandise from a clothing manufacturer. d. a department store selling clothing to customers on credit.
On December 31, Strike Company has decided to trade-in one of its batting cages for another one that has a cost of $500,000. The seller of the batting cage is willing to allow a trade-in amount of $40,000. The initial cost of the old equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The difference will be paid in cash. What
is the amount of the gain or loss on this transaction? A) The gain will not be recognized and will be added to the price of the old equipment. B) The gain will not be recognized and will be added to the price of the new equipment C) The gain will not be recognized and will be subtracted from the price of the old equipment D) The gain will not be recognized and will be subtracted from the price of the new equipment.