A patent is available for an idea as well as a tangible application
Indicate whether the statement is true or false
False
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Briefly define the term fractionating as a way to control the issues.
What will be an ideal response?
The direct write-off method is not normally an acceptable method for GAAP because it fails to report:
A. Accounts receivable for the net amount of cash expected to be collected. B. Revenue from the sale of goods or services to customers. C. The amounts receivable from customers. D. Cash collected from customers.
The contents of employees' company lockers are generally:
A. private B. not private C. subject to arbitrary searches D. under management control E. company property
During the year, the Abbot Company had the following changes in account balances: 1) The Accumulated Depreciation account had a beginning balance of $25,000 and an ending balance of $35,000. The increase was due to depreciation expense.
2) The long-term Notes Payable account had a beginning balance of $40,000 and an ending balance of $15,000. The decrease was due to repayment of debt. 3) The Accounts Receivable account had a beginning balance of $60,000 and an ending balance of $50,000. 4) The Equipment account had a beginning balance of $25,000 and an ending balance of $92,500. The increase was due to the purchase of equipment for cash. 5) The Long-Term Investments account (marketable securities) had a beginning balance of $18,000 and an ending balance of $12,500. The decrease was due to the sale of investments at cost. 6) The amount of cash dividends declared and paid during the year was $22,000. 7) The Interest Payable account had a beginning balance of $2,250 and an ending balance of $1,250. Assume that a statement of cash flows has been prepared. The combination of the three major components (operating activities, investing activities, financing activities) equals the: A. Ending cash balance. B. Net income for the period. C. Change in the cash account balance between the beginning and end of the period. D. Amount of cash inflow for the period.