Which of the following best describes dumping?
A. It is a duty specifically levied to offset a subsidy.
B. It is the relinquishment of an obligation owed by another.
C. It is a financial contribution made by a government or other public body that confers a benefit on an enterprise, a group of enterprises, or an industry.
D. It is the selling of exported goods at prices below their normal value.
D
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Harkin Company purchased a building on a tract of land and allocated the entire cost of the purchase to building. Normally it depreciates buildings over 20 years using the straight-line method with zero residual value and does not depreciate land. Because of its accounting treatment of the purchase, Harkin's income before taxes for the next 20 years will be
a. overstated. b. understated. c. unaffected. d. in conformance with GAAP.
Upton Company has consistently used the percentage-of-completion method of recognizing income. In 2010, Upton started on an $18,000,000 construction contract that was completed in 2012 . The following information was taken from Upton's 2010 accounting records: Progress billing $ 6,600,000 Costs incurred $ 5,400,000 Collections $ 4,200,000 Estimated costs to complete $10,800,000 What amount of
revenue should Upton recognize on the contract in 2010? a. $6,000,000 b. $5,400,000 c. $9,000,000 d. $0
A code of conduct requires input from which of the following that is not required for a code of ethics?
a. lawyers b. employees c. upper management d. the president/CEO
Which of the following is classified as a short-term investment?
A) marketable securities B) real estate investments C) fixed assets D) highly illiquid equity securities that are expected to be held for more than one year