Masterview, Inc. purchased a new computer system, which included some computer programs. When Masterview developed financial troubles, two competing creditors of Masterview claimed the right to repossess the computer system and the programs. The UCC distinguishes "software" from "goods" and treats them differently for some purposes, which would be important in this situation.
Answer the following statement true (T) or false (F)
True
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Global Engineering's actual operating income for the current year is $56,000. The flexible budget operating income for actual sales volume is $51,000, while the static budget operating income is $54,000. What is the sales volume variance for operating income?
A) $3000 favorable B) $2000 unfavorable C) $3000 unfavorable D) $2000 favorable
What is NOT a key element of Confucianism? A. relationships
A. relationships B. etiquette (policies, norms, and procedures) C. personal virtues D. risk
Traditionally, a professional owed a duty only to those with whom the professional had a direct contractual relationship
Indicate whether the statement is true or false
Intangible assets are defined by the GASB as capital assets that lack physical substance, have a useful life of more than one reporting period, and are nonfinancial in nature.
Answer the following statement true (T) or false (F)