In some countries the account Reserve for Contingencies may be most comparable to which of the following accounts for a company reporting under U.S. GAAP?
a. Contingency Expense
b. Retained Earnings Appropriated for Contingencies
c. Unearned Contingency Fees
d. Contingency Losses
B
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A gain or loss that qualifies for extraordinary treatment on the income statement must have which of the following qualities? I. Unusual in Nature II. Discontinued Segment III. Infrequent in Occurrence IV. Nonoperating in Nature V. Never Occurred
a. I and V b. III and IV c. I and III d. I, II, and III
Companies that produce custom-made products usually use a process costing system
Indicate whether the statement is true or false
An abstract of title is a chronological history of the chain of title and encumbrances affecting the
property. Indicate whether the statement is true or false
On August 14, Main Street Bank lent $200,000 to City Cafe on a 75 day, 6% note. What is the maturity date of the note?
A) Oct. 27 B) Oct. 28 C) Oct. 29 D) Oct. 30