Intraperiod tax allocation would be appropriate for all of the following except
A. an unrecognized gain on available-for-sale securities.
B. a loss from operations of a discontinued segment.
C. retrospective adjustments.
D. a loss from impairment of a long-lived asset.
Answer: D
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Which of the following is true of accrued interest on bonds that are sold between interest dates?
a. It is computed at the effective market rate. b. It will be paid to the seller when the bonds mature. c. It is extra income to the buyer. d. None of these is true.
At the break-even point:
A. Contribution margin would be equal to total fixed costs. B. Sales would be equal to total costs. C. Both sales would be equal to total costs and contribution margin would be equal to total fixed costs are correct. D. Sales would be equal to fixed costs.
Congress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo with orders for its employees, and Tina tells her co-worker about a recent news story. Sources of law include
a. the instructions issued by private associations. b. the orders posted by employers. c. the rules issued by federal administrative agencies. d. the stories released by news agencies.
When the words in a contract have more than one meaning, they are cut from the contract.
Answer the following statement true (T) or false (F)