Answer the following statements true (T) or false (F)
With SFAS No. 95 defining funds as cash, the FASB has moved from a position of rigid uniformity to a flexibility orientation.
ANSWER: F
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Define inventory for a merchandising company and describe how inventory is valued and reported.
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What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is $3,250?
A. Debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500. B. Debit Prepaid Insurance, $4,500; credit Insurance Expense, $4,500. C. Debit Insurance Expense, $7,750; credit Prepaid Insurance, $7,750. D. Debit Cash, $7,750; Credit Prepaid Insurance, $7,750. E. Debit Insurance Expense, $3,250; credit Prepaid Insurance, $3,250.
A stock with a beta of 1 has systematic or market risk equal to the "typical" stock in the
marketplace. Indicate whether the statement is true or false
Use Table 12-2 from your text to calculate the present value of the annuity due, rounding to the nearest cent:
Annuity
Payment
Time
Nominal
Interest
Present Value
Payments
Frequency
Period
Rate
Compounded
of the Annuity
$1,500
every 6 months
14%
semiannually
__________
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