An administrative agency can issue rules that carry civil penalties but not criminal penalties
Indicate whether the statement is true or false
FALSE
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Fair Value is the exchange price associated with a business transaction at the time the transaction is recognized
Indicate whether the statement is true or false
Silvermark Enterprises The following information is from Silvermark's 2012 accounting records. Gross purchases $201,000 Transportation-in 8,000 Inventory, January 1, 2012 26,500 Inventory, December 31, 2012 28,100 Purchase returns and allowances 9,000 Refer to the information provided for Silvermark Enterprises. Using the cost of goods sold model, how much will Silvermark report as its cost of
goods sold in its 2012 income statement? A) $193,600 B) $198,400 C) $185,600 D) $190,400
If it can be shown that a trespass to land was warranted, a complete defense exists
a. True b. False Indicate whether the statement is true or false
Fingado Products, Inc., has a Detector Division that manufactures and sells a number of products, including a standard detector that could be used by another division in the company, the Commercial Security Division, in one of its products. Data concerning that detector appear below: Capacity in units 87,000Selling price to outside customers$98Variable cost per unit$32Fixed cost per unit (based on capacity)$51?The Commercial Security Division is currently purchasing 6,000 of these detectors per year from an overseas supplier at a cost of $91 per detector.?Assume that the Detector Division is selling all of the detectors it can produce to outside customers. What should be the minimum acceptable transfer price for the detectors from the standpoint of the Detector Division?
A. $83 per unit B. $32 per unit C. $98 per unit D. $91 per unit