The four common forms of business ownership include sole proprietorship, partnership, corporation, and non-profit.
Answer the following statement true (T) or false (F)
False
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When a manufacturing company employs standard costs, all costs affecting the three inventory accounts and the Cost of Goods Sold account are stated in terms of standard or predetermined costs rather than in terms of actual costs incurred
Indicate whether the statement is true or false
Frank's property insurance requires periodic reporting of inventory values. Frank believes he can save money by under-reporting the inventory
Last period, Frank reported $200,000 when the value was really $400,000. Shortly after filing the report, when the value was $500,000, the inventory was destroyed. Ignoring any deductible, how much will Frank's insurer pay? A) nothing, as underreporting voids coverage B) $200,000 C) $250,000 D) $400,000
In determining the description of an article under the tariff schedules, the courts rely on: A) common meaning
B) WTO definitions. C) scientific authorities and expert witnesses. D) A and C.
Driving at 55 miles per hour for five seconds–the minimum amount of time that texting takes your attention off of the road–you'll travel the length of a football field without looking
Indicate whether this statement is true or false.