An individual's perceptual processes usually focus on elements of the environment that are relevant to his or her needs and tune out irrelevant stimuli.
Answer the following statement true (T) or false (F)
True
An individual's perceptual processes usually focus on elements of the environment that are relevant to his or her needs and tune out irrelevant stimuli. Two people may perceive the same stimuli in very different ways because they select, attend, and comprehend differently.
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On February 12, Oceans Company purchased a tract of land as a factory site for $190,000 . An existing building on the property was razed and construction was begun on a new factory building in March of the same year. Additional data are available as follows: Cost of razing old building .......................... $ 55,000 Title insurance and legal fees to purchase land ...... 7,500 Architect's
fees ..................................... 52,500 New building construction cost ....................... 975,000 The recorded cost of the completed factory building should be a. $1,165,000 b. $1,220,000 c. $1,027,500 d. $1,082,500
A cost that changes as volume changes, but at a nonconstant rate, is called a:
A. Curvilinear cost. B. Fixed cost. C. Step-wise variable cost. D. Variable cost. E. Differential cost.
Identify which of the following statements is true.
A. Signing of Form 870-AD by the taxpayer does not generally preclude the subsequent filing of a refund claim. B. The IRS will issue a 90-day letter (a Statutory Notice of Deficiency) if the taxpayer does not file a protest letter within 10 days of the date of the 30-day letter. C. Form 870-AD is used if the taxpayer and IRS representative agree to a lesser tax liability than that originally proposed by the Service. D. All of the above are false.
The accounting period used for the annual financial statements is called the fiscal year
Indicate whether the statement is true or false