Temporary regulations have more authoritative weight than revenue rulings.
Answer the following statement true (T) or false (F)
True
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Closing entries are required:
A. So that Revenue, expense, and dividends accounts must begin each period with zero balances. B. If management has decided to cease operating the business. C. Only if the company adheres to the accrual method of accounting. D. If a company's bookkeeper does not choose to prepare reversing entries. E. In order to satisfy the Internal Revenue Service guidelines.
The cost of land to be used in the operations of a business should include all of the following except
a. commissions related to the acquisition of the land. b. excavation in preparation for the construction of a new building on the land. c. property taxes to the date of acquisition assumed by the purchaser. d. the cost of surveys of the land.
When a firm decides that a particular customer account is uncollectible, it removes that account by debiting the Allowance for Uncollectibles and crediting Accounts Receivable, Gross. This process is called writing off the account
Indicate whether the statement is true or false
Trucks & Trailers, Inc (T&T), and United Delivery Service enter into a contract for a lease of trucks. T&T is a merchant who deals in goods of the kind leased. Under the UCC, an implied warranty of merchantability arises
a. automatically. b. only if the lessee asks for such a warranty. c. only if the lessor expresses such a warranty. d. only in conjunction with sales contracts, not lease contracts.