Which of these statements does not describe the hedonistic interpretation of work?
A. There is no specific content for human happiness.
B. Happiness is the enjoyment of cultural activities.
C. Individuals are allowed to choose whatever ends they desire.
D. Work is the price we pay to get the necessities of life and other things that make life pleasurable.
Answer: B
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The most important accounting problem in dealing with merchandise inventory is the application of which of the following conventions or rules?
a. Materiality b. Full disclosure c. Matching d. Conservatism
Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. Cost of goods sold$226,000 Merchandise inventory, January 1 54,800 Merchandise inventory, December 31 57,400 Accounts payable, January 1 54,400 Accounts payable, December 31 59,800
A. $234,000. B. $223,200. C. $218,000. D. $228,800. E. $220,000.
Robert hired James, a CPA, to prepare his tax returns. James was too busy and delegated the work to Sara, also a CPA. This delegation is A) enforceable, as Sara is also a CPA
B) enforceable, as there was no expectation James would do the work. C) not enforceable, as Robert hired James to perform personal services. D) not enforceable, as this violates public policy.
A firm has a market value of equity of $30,000. It borrows $7500 at 8%. If the unlevered cost of equity is 16%, what is the firm's cost of equity capital?
A) 9.0% B) 18.0% C) 21.6% D) 25.2%