U.S. GAAP specifies that, in the context of inventories, market means replacement cost, except that market may not exceed net realizable value and may not be less than net realizable value reduced by a normal profit margin
Indicate whether the statement is true or false
T
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A theater test is a display of television advertisements shown together in a theater
Indicate whether the statement is true or false
Smith Company had retained earnings of $60,000 at the end of the current year. For the current year, income was $30,000 and dividends $10,000 . What was the balance in retained earnings at the end of the prior year?
a. $30,000 b. $40,000 c. $60,000 d. $30,000 e. $70,000
Even if there are social costs involved in a transaction, costs not reflected in the price agreed to by the parties to the transaction, the fact that the price is freely agreed to means that it must still be accepted as fair and beneficial.
Answer the following statement true (T) or false (F)
A bond is usually divided into a number of individual bonds of $500 each
Indicate whether the statement is true or false