The net income of a company is calculated by subtracting expenses from revenue.
Answer the following statement true (T) or false (F)
True
The net income of a company is calculated by subtracting expenses from revenue. See 8-3: Financial Statements: Read All about Us
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The strategic concept of marketing focuses on customer satisfaction in a socially responsible and sustainable way
Indicate whether the statement is true or false
Iowa Cattle Company uses a perpetual inventory system. Iowa purchased cattle from Big D Ranch at a cost of $19,500, payable at time of delivery. The entry to record the delivery would be
a. Purchases ........................... 19,500 Accounts Payable .................. 19,500 b. Inventory ........................... 19,500 Accounts Payable .................. 19,500 c. Purchases ........................... 19,500 Cash .............................. 19,500 d. Inventory ........................... 19,500 Cash .............................. 19,500
Which of the following is not correct regarding the provisions of IAS No. 8 on accounting changes and error corrections?
a. A change in accounting estimate is reflected in the current and future periods. b. A change in depreciation method (such as from an accelerated method to the straight-line method) is classified as a change in estimate. c. A change in depreciation method (such as from accelerated method to the straight-line method) is classified as a change in accounting principle. d. IAS No. 8 generally reflects a preference for restating prior results to improve comparability of financial statements.
The adjusting entry to record the amortization of a discount on bonds payable is
A) debit Discount on Bonds Payable, credit Interest Expense B) debit Interest Expense, credit Discount on Bonds Payable C) debit Interest Expense, credit Cash D) debit Bonds Payable, credit Interest Expense