The entire process of analyzing, recording, and reporting business transactions is based on the fundamental accounting equation.
Answer the following statement true (T) or false (F)
True
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Sally has arrived at your house carrying a large shopping bag and some wrapping paper. As she sits down, you thank her for the thoughtful gift and reach for the bag. Sally stops you, informing you that the gift is actually for her sister’s baby shower and the gift is not for you. You are immediately embarrassed. This error is caused by which of the following?
A. category confusion B. the inference you made C. stereotypes D. ethnocentrism
Mae Li is beneficiary of a $70,000 insurance policy on her father's life. Upon his death, she elects to receive the proceeds in installments from the insurance company that carries the policy. She will receive $16,000 per year for five years. What are the tax consequences each year?
A) All $16,000 each year is taxable. B) $10,000 interest is taxable in the first year. C) There is no taxable income. D) $2,000 of the $16,000 payment is taxable each year.
Short-term investments have higher maturity risks than long-term investments.
Answer the following statement true (T) or false (F)
Managerial accounting includes the planning function. Which of the following items would be part of the planning function of a business's managerial accounting?
A) comparing actual performance to previously budgeted amounts B) creating detailed budgets C) implementing operational plans D) evaluating results of operations