The primary objective of financial accounting is to:
A. Serve the decision-making needs of internal users.
B. Provide information on both the costs and benefits of looking after products and services.
C. Know what, when, and how much product to produce.
D. Provide accounting information that serves external users.
E. Monitor consumer needs, tastes, and price concerns.
Answer: D
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The two types of market exchanges are:
A. solo exchanges and functional relationships. B. one-sided relationships and bipartisan exchanges. C. tactical and behavioral exchanges. D. tactical exchanges and profit relationships. E. functional and strategic relationships.
Anderson Company has purchased a group of assets for $23,800. The assets and their relative market values are listed below.
Which of the following amounts would be debited to the Land account? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $4200
B) $13,566
C) $4046
D) $6188
What account is credited when goods are sold?
A) Finished Goods B) Cost of Goods Sold C) Accounts Payable D) None of these E) Cash
Marking to market is the process by which the clearing house of an exchange ________
A) debits and credits the losses and profits to the margin accounts from the daily price changes of futures prices; closes the contract, and opens a new one at the new price B) forces the investor to go long the currency C) allows the market forces to affect daily prices until the expiration date D) closes the old contract and sets the price of a new contract a zero