Accounting principles require that inventory be reported at the market value (cost) of replacing inventory when cost is lower than market value.
Answer the following statement true (T) or false (F)
False
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When using the direct method, how is the sale of long-term investments for cash reported on the statement of cash flows?
a. Operating activity b. Investing activity c. Financing activity d. Noncash investing and financing activity
All the interest income on U.S. Treasury bills is recorded at maturity
Indicate whether the statement is true or false
Which of the following is defined by linking the information you need to remember to something familiar and easily retrievable?
A. rehearsal B. coding C. imaging D. availability bias
Marilyn contracted with Bravo Builders to build an addition to her house for $15,000 . After digging the foundation, Bravo decides that it will take more work and more concrete than it had originally thought and that it will need to charge an additional $5,000 for the job. Assuming Marilyn agrees, which of the following is correct?
a. Marilyn will have to pay $20,000. b. This is a contract under seal which is enforceable. c. This is a modification of a preexisting contract, which under common law must be supported by additional consideration on the part of Bravo Builders. d. This is the settlement of a disputed debt that requires no additional consideration on the part of Bravo Builders.