________ allowances are price reductions given for turning in an old item when buying a new one
A) Promotional
B) Trade-in
C) Depreciation
D) Segmented
E) Functional
B
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Decision makers demand reliable information that is provided by accountants.
Answer the following statement true (T) or false (F)
In a statement of cash flows (indirect method), depreciation expense should be presented as:
a. a cash flow from financing activities. b. a cash flow from investing activities. c. a deduction from net income. d. an addition to net income. e. a financial activity.
An estimate based on an analysis of receivables shows that $790 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of $120. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of:
A) $120 B) $790 C) $670 D) $910
The moral philosophy of utilitarianism is…
a. Only do what works and makes sense b. Society should focus only on the ‘best’ people in society c. Always act for the greatest good of the greatest number d. Provide people with the right tools and they will always do a good job