The Federal Reserve Board is an example of a consumer group
Indicate whether the statement is true or false
False
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In a periodic inventory system, the cost of purchases is recognized as
a. an increase in an asset account. b. an increase in the inventory account. c. the only part of the calculation of cost of goods sold. d. an integral part of the calculation of cost of goods sold.
In the context of B2B trading, online advertising is done mainly in two ways: through _____ and through banners.
A. e-mail B. search engines C. spam D. newsgroups
Kurtain Corp leased a new building and land from Harlow Leasing Inc for 20 years. At the inception of the lease the building and land have fair market values of $150,000 and $20,000, respectively. The building has an expected economic life of 25 years. Which of the following statements is correct regarding Kurtain's treatment of the lease?
a. Kurtain should treat the lease as a capital lease provided that the land and building are recorded in separate asset accounts and accounted for separately. b. Kurtain should treat the lease as a capital lease only if there is either a bargain purchase option or an automatic transfer of ownership at the termination of the lease. c. Kurtain should treat the lease as a capital lease even though there is no bargain purchase option and no automatic transfer of ownership at the termination of the lease. d. Kurtain should treat the lease as a capital lease only if Harlow treats the transaction as a leveraged lease.
Notes Receivable due in 350 days appear on the
A) balance sheet in the current assets section B) balance sheet in the fixed assets section C) balance sheet in the current liabilities section D) income statement as an expense