If a company fails to make an adjusting entry for accrued revenues, the net income will be overstated
Indicate whether the statement is true or false
FALSE
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Vertical analysis reports the amount of each item in a statement as a percentage of a designated total
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1) The consistency principle states that a business should use the same accounting methods and procedures from period to period. 2) A company reports in its financial statements that it uses the FIFO method of inventory costing. This is an example of the disclosure principle. 3) A company should not change the inventory costing method each period in order to maximize net income. This is an example of the disclosure principle. 4) A company changes its inventory costing method each period in order to maximize net income. This is a violation of the consistency principle. 5) A company is uncertain whether a complex transaction should be recorded as an asset or an expense. Under the conservatism principle, it should choose to treat it as an asset.
When the real interest rate is low, there are greater incentives to borrow and fewer incentives to lend
Indicate whether the statement is true or false
Which two companies are competing head-to-head with wireless technology?
A. RIM and UPS. B. UPS and fedex. C. Fedex and RIM. D. Apple and Microsoft.