The information reported in financial statements is organized into ten categories known as accounts.
Answer the following statement true (T) or false (F)
False
This is false. The information reported in financial statements is organized into ten categories known as elements. Detailed information about the elements is maintained in records commonly called accounts.
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Tools that can be used for collecting primary data include:
A) survey research and interviews. B) consumer panels and observation. C) focus groups and survey research. D) interviews and observation. E) all of the above
How is the purchase of long-term investments in bonds accounted for when purchased between interest payment dates?
When an extraordinary repair has been made to equipment, which of the following accounts is debited?
A) Extraordinary Repairs B) Equipment C) Accumulated Deprecation D) Cash
Which of the following is considered a profitability ratio?
A) Return on equity B) Acid test ratio C) Inventory turnover ratio D) Debt to equity ratio