Through an agency relationship, the agent becomes a representative of the:
a. third party b. principal
c. customer or supplier of the principal d. shareholder
e. all of the other choices
b
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One significant difference between a classified and a non-classified balance sheet is the distinction between which of the following items?
a. Assets and liabilities b. Current and noncurrent items c. Liabilities and owners' equity d. Resources invested by the owners and amounts borrowed from creditors
The weighted average cost is calculated by adding up the units' costs from each purchase and then dividing by the number of purchases
a. True b. False Indicate whether the statement is true or false
Use the following information to answer the question below. When Langston Corporation was formed on January 1, 20x5, the corporate charter provided for 100,000 shares of $10 par value common stock. The following transactions were among those engaged in by the corporation during its first month of operation: 1. The corporation issued 400 shares of stock to its lawyer in full payment of the $10,000
bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency. 2. The company issued 16,000 shares of stock at a price of $50 per share. 3. The company issued 14,000 shares of stock in exchange for equipment that had a fair market value of $320,000. The entry to record transaction 3 is: A) Equipment 320,000 Common Stock 320,000 B) Common Stock 140,000 Equipment 140,000 C) Equipment 140,000 Common Stock 140,000 D) Equipment 320,000 Common Stock 140,000Additional Paid-in Capital 180,000
Government definitions of "high-technology" are often based on:
a. newness of the product in a category. b. scientific process of discovery. c. percentage of R&D spending or number of technical workers employed in an industry. d. capacity of informational services. e. early adopter opinion.