Ian and Jackie take title to a drive-through Koffee Kiosk in such a way that if one dies, the other will be the sole owner. Ian and Jackie own the kiosk as
A. co-owners in fee simple.
B. joint tenants.
C. tenants by the entirety.
D. tenants in common.
Answer: B
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Alex Corporation acquires securities classified as marketable securities for $10,000 . The entry is as follows:
a. Cash...................................................................10,000 Marketable Securities.................................................10,000 b. Marketable Securities........................................10,000 Bonds Payable........................................................10,000 c. Marketable Securities........................................10,000 Common Stock.......................................................10,000 d. Marketable Securities........................................10,000 Cash........................................................................10,000 e. Bonds Payable...................................................10,000 Marketable Securities................................................10,000
Simplicity is the main advantage of which of the following process costing methods?
A) weighted average B) FIFO C) LIFO D) Exact cost method
Online retailing is also known as
A. web-retailing. B. secondary retailing. C. omni-retailing. D. cyber-retailing. E. e-retailing.
The income statement:
a. subtracts the cost of goods sold from the total revenue to get net income b. subtracts the operating expenses from the total revenue to get net income c. subtracts the cost of goods sold and operating expenses from the total revenue to get net income d. reports all income with no adjustment for cost of goods sold or operating expenses Ans: C