The acquisition cost of an intangible asset should be charged to expense over the shorter of its legal or useful life, whichever is shorter.
Answer the following statement true (T) or false (F)
True
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Which of the following is not a product cost?
a. Indirect materials costs b. Packaging costs c. Direct labor costs d. Overhead costs
Allen Marks is the sole owner and operator of Great Marks Company. As of the end of its accounting period, December 31, 2009, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2010, Allen Marks invested an additional $65,000 and withdrew $45,000 from the business. What is the amount of net income during 2010, assuming that as of December 31, 2010, assets were
$995,000, and liabilities were $270,000? A) $ 65,000 B) $ 50,000 C) $105,000 D) $370,000
When is nonperformance by a contractual party excusable?
What will be an ideal response?
Under a contract of adhesion:
A) subrogation is not allowed B) ambiguous features are interpreted against the writer of the contract C) ambiguous features are interpreted always against the insurer D) ambiguous features are decided based upon the intent of the parties when the contract was entered