When Marco Polo traveled to China in the 13th Century, he found not only an abundance of material goods and opulence but also which of the following consequences of a system of mass production?
a. Slavery
b. Armed conflict
c. Pollution
d. Leisure time
d
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What are pension liabilities?
a. Future liabilities resulting from pension commitments made by a corporation. b. Unreasonable relationships between interest expense and recorded liabilities. c. Liabilities that can be used to fraudulently misstate financial statements by underestimating the probability of occurrence. d. A fund that is established for the payment of retirement benefits by the insurance company.
The function of auditors as gatekeepers is to:
A. verify a company's financial statements so that investors' decisions are free from fraud and deception. B. ensure that decisions and transactions conform to the law. C. function as intermediaries between a company's stockholders and its executives. D. evaluate a company's financial prospects or creditworthiness, so that banks and investors can make informed decisions.
A wholesaler who ________ legally owns the goods being handled
A) breaks bulk B) takes title C) creates assortments D) takes consignments E) selectively distributes
Which of the following organizations published “A Statement of Basic Accounting Theory” (ASOBAT)?
a. AAA b. AICPA c. APB d. CAP