What is a collection of data items that have something in common with the entity?
A) a record
B) an attribute
C) a data item
D) an entity
A
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IFRS reporting requires all of the following items except
A) earnings per share disclosure. B) comprehensive income disclosure in a statement of shareholders' equity. C) disclosure of the results of discontinued operations. D) operating expenses disclosure.
Answer the following statement(s) true (T) or false (F)
1. Both CPAs and CMAs can conduct audits of a corporation. 2. Public accountants are responsible for collecting the financial data that is processed by the accounting system. 3. Private accounting includes management accounting, government accounting, and academia. 4. The primary purpose of accounting is to communicate the results of business transactions. 5. Accounting transactions are recorded chronologically in a general ledger.
Which of the following accounts is increased with a debit?
A. Service Revenue B. Insurance Expense C. Common Stock D. Accounts Payable
Easton Company makes and sells scooters. Easton incurred the following costs in its most recent fiscal year: Cost Items Appearing on the Income StatementMaterials cost ($10 per unit)Depreciation on manufacturing equipmentCompany president's salarySalaries of administrative personnelLabor cost ($4 per unit)Research and development costsAdvertising costs (150,000 per year)Real estate taxes on factoryShipping and handling ($0.15 per unit)Inspection costsEaston can currently purchase the scooters it makes from another company. If the company purchases the scooters, Easton would still continue to use its own logo, sales staff, and advertising programs. Which of the following costs would be classified as a unit-level cost?
A. Real estate taxes on factory B. Materials cost C. Company president's salary D. Depreciation on manufacturing equipment