The revenue recognition principle is the basis for recording revenues-both when to record revenue and the amount of revenue to record
Indicate whether the statement is true or false
TRUE
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How would deposits in transit be dealt with in a bank reconciliation?
a. added to company's book balance b. deducted from company's book balance c. added to bank statement balance d. deducted from bank statement balance
If technology changes rapidly, a firm should
a. expense plant asset immediately because of the uncertainty of future benefits. b. depreciate plant assets over long periods of time. c. consider an accelerated rate of depreciation. d. use the straight-line method of depreciation as it is the easiest.
Identify the prepositional phrase or prepositional phrases in the sentence. Gina and Mario walked beside the lake
Oceanside entered into a contract with the seller Old Tennessee, for the purchase of $6,431 worth of plants. The terms were sale and delivery C.O.D. with the express provision of "No Risk to Supplier," and a large logo at the top of papers stating:
"NOTICE: ALL SHIPMENTS TRAVEL AT RISK AND COST OF PURCHASER." The plants were shipped by an experienced truck common carrier. Upon arrival in New York, it appeared as though some plants were in a poor state because of excessive heat. Although the carrier on its own marked the bill of lading to indicate that the temperature in the truck should be 50 degrees, this was not done for at least a portion of the journey. Oceanside rejected the shipment by writing "rejected" on the back of the trucker's bill of lading. However, the plants were retained "on consignment" at Oceanside's premises. There were no other formal written rejections or official notices of breach or defects given by the buyer to seller at any point prior to trial. Discuss who has the risk of loss.