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Indicate whether the statement is true or false
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Which one of the following statements is true?
A) If a plant asset is self-constructed for less than it would cost to purchase, a profit should be recorded upon the completion of the construction. B) When property, plant, or equipment is acquired through donation, no entry is recorded. C) Development stage enterprises need not report losses before sales are made. D) Interest cannot be capitalized if a loan is taken when an asset is substantially complete and ready for its intended use.
When using the indirect method of preparing a statement of cash flows, which of the following items would need to be added to net income in order to reconcile to cash provided by operating activities?
A) Increase in accounts receivable B) Decrease in liabilities C) Depreciation expense D) Increase in long-term loan
Find the noun that requires an apostrophe ('). Indicate the correct possessive form of the noun with the apostrophe in the correct place. Example Jims files were misplaced. Jim's You should listen carefully to a customers complaint and try to fix the problem
When, generally, are equitable remedies available?
A) They are required to be used alongside any legal remedy. B) They are only awarded when a breach of contract case has been appealed. C) They are used when the legal remedy does not adequately compensate the nonbreaching party. D) They are usually the first remedy that a court will try to apply.