Which of the following statements is not true about liabilities?
A) Liabilities are debts owed to outsiders.
B) Account titles of liabilities often include the term "payable".
C) Cash received before services are performed are considered to be liabilities.
D) Liabilities do not include wages owed to employees of the company.
D
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Exhibit 11-04 Kieso Company purchased a tract of land for $4,500,000 in anticipation of extracting 1,425,000 tons of ore. The residual value of the land is expected to be $480,000. The company mines 125,000 tons of ore in the first year. ? Refer to Exhibit 11-04, what is the unit depletion rate? (Round to the nearest $0.01.)
A) $3.16 B) $3.50 C) $2.82 D) $3.00
One way for a buyer to become familiar with products and styles is to
A. insist on objective information. B. have and maintain a common goal with vendors. C. become acquainted with diverted merchandise. D. interact with retail exchanges. E. attend trade shows.
When new product ideas are chosen based on ratings and comments from customers, the process is called
A. idea solicitation. B. idea engineering. C. creative resourcing. D. crowdsourcing. E. reaction engineering.
Which of the following is/are true about accounting for errors and changes in accounting principles and changes in accounting estimates?
a. Firms account for material errors in previously issued financial statements by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period. b. If practical, firms account for voluntary changes in accounting principles, such as from a LIFO to a FIFO cost-flow assumption for inventories, by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period. c. Firms account for changes in accounting principles required by a new reporting standard in accordance with the guidance specified in the standard. d. Firms account for changes in estimates, such as for depreciable lives, uncollectible accounts, or warranty cost, prospectively, in current and future periods' earnings. e. all of the above