Student loans, car loans, and housing loans are good examples of
A) long-term liabilities.
B) current liabilities.
C) short-term debts.
D) personal obligations.
Answer: A
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Parks Company reported an increase of $370,000 in its accounts receivable during the year 2016 . The company's statement of cash flows for 2016 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2016?
a. $370,000 b. $1,000,000 c. $1,370,000 d. $630,000
Shane, a self-employed junior partner in a law firm, makes the following gifts with their values noted: Managing partner in Shane's firm $30 Shane's personal assistant 404 clients ($27 each)108 What amount of the gifts is deductible?
A. $150 B. $125 C. $75 D. $178
Which of the following typically would be considered an incremental cost?
a. Conversion cost b. Direct product cost c. Period cost d. Factory overhead cost
A patent is a contract between the government and an inventor.
Answer the following statement true (T) or false (F)