Which types of quality costs are incurred to eliminate quality problems before they occur?
A) Appraisal (detection) costs
B) Prevention costs
C) External failure costs
D) Internal failure costs
B
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When bonds have a conversion feature, GAAP requires the difference between proceeds with and without the conversion feature should be allocated to additional paid-in-capital at the time of issuance. ?
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Which of the following goods would not be included in merchandise inventory for a purchasing company?
A) Goods in transit shipped FOB shipping point B) Goods on hand in the showroom C) Goods in transit shipped FOB destination D) Goods ordered and received from the supplier
Which of the following is not true?
a. Gains (losses) are increases (decreases) in net assets from peripheral or incidental transactions of an entity and from other transactions and events affecting the entity except those that result from revenues (expenses) or investments by (distributions to) owners. b. Firms usually report gains and losses from sales of assets or settlements of liabilities at a net amount; that is, equal to the difference between the net asset received and the carrying value of the asset sold or between the net asset given and the carrying value of the liability settled. c. Gains and losses may arise from the remeasurement of assets and liabilities. d. Firms recognize gains and losses when they sell or exchange assets or settle liabilities in market transactions. e. Firms recognize gains and losses when those items enter the measurement of net income or other comprehensive income.
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Indicate whether the statement is true or false