Termination is the process of "expiring" the cost of a long-term tangible asset over its useful life
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: Depreciation is the process of "expiring" the cost of a long-term tangible asset over its useful life.
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Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2018. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) are as follows, along with the book value of Bullen's accounts: BullenBook ValueVickerBook ValueVickerFair ValueRetained earnings, 1/1/20$250,000$240,000 Cash and receivables 170,000 70,000$70,000Inventory 230,000 170,000 210,000Land 280,000 220,000 240,000Buildings (net) 480,000 240,000 270,000Equipment (net) 120,000 90,000 90,000Liabilities 650,000 430,000 420,000Common stock 360,000 80,000 Additional paid-in capital 20,000 40,000 ?Assume that Bullen issued preferred stock with a par value of $240,000 and a fair value of $500,000 for all of the outstanding shares of
Vicker in an acquisition business combination. What will be the balance in the consolidated Inventory and Land accounts? A. $440,000, $496,000. B. $425,000, $505,000. C. $400,000, $500,000. D. $440,000, $520,000. E. $427,000, $510,000.
The State where Laura's father had lived passes a statute which requires that male heirs be preferred over female heirs in selecting an executor of an estate. Laura, a lawyer, would like to be the executor of her father's estate, but so would her eighteen-year-old brother who just flunked out of college. She challenges the provision as being a violation of the Equal Protection Clause of the
Fourteenth Amendment. The case is now under consideration by the United States Supreme Court. In deciding the constitutionality of the provision, the Court will: A) apply the rational relationship test. B) apply the strict scrutiny test. C) apply the intermediate standard test. D) create a new test.
A federal law passed by Congress granting powers to an agency is called:
a. a legislative deliberation b. a public purpose statute c. an enabling statute d. a public interest statute e. an administrative empowerment statute
Variable costs of a product are those costs that change with the quantity of a product produced and sold
Indicate whether the statement is true or false.