Dr. Wells purchased a refrigerator to use for storing medications at his office. The refrigerator will be classified as:
A) consumer goods.
B) equipment.
C) a fixture.
D) inventory.
B
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In which decade did the federal government delegate responsibility for managing block grants to the states?
A. 1960s B. 1970s C. 1980s D. 1990s
Standard costs are determined by multiplying expected price by expected quantity
Indicate whether the statement is true or false
Racial and ethnic identification no longer falls along the lines used by social institutions in the past. What has caused this shift in categorization?
a. increased ethnicities b. updated scientific DNA information *c. increased interracial marriages d. increasingly individuals are self-designing their own labels
On December 31, Year 1, Owings Corporation overstates the ending inventory by $5,000. How will this affect the amount of retained earnings shown on the balance sheet at December 31, Year 2?
A. Retained Earnings will be overstated by $5,000. B. Retained Earnings will be understated by $5,000. C. Retained Earnings will be correctly stated. D. Cannot be determined with the above information.