A liability is a future economic benefit to a business
a. True
b. False
Indicate whether the statement is true or false
False
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From 1991 to 2001, Argentina established commitment by
A. following the Taylor rule. B. following a strict money growth rule. C. establishing a currency board. D. using a system of inflation targeting.
The accountant for the Hilga Company recorded a purchase of merchandise on credit for the current year, but the merchandise was shipped FOB destination and did not arrive until after current year-end. Assuming a periodic inventory system, how would assets, liabilities, and retained earnings be affected on the year-end balance sheet? Assets Liabilities Retained Earnings I. No effect Understated
Understated II. Understated Understated Understated III. No effect Overstated Overstated IV. No effect Overstated Understated ? A) I B) II C) III D) IV
Cost of goods manufactured equals
A) the cost of direct materials used in production B) the product cost of goods completed during the current period C) the product cost of goods sold during the current period D) the cost remaining in ending work in process inventory
Pan American Pancake House, Inc., a U.S. firm, and Wallaby Waffles, Ltd., an Australian firm, enter into a contract that does not have a forum-selection or choice-of-law clause. Litigation between Pan American and Wallaby over a dispute involving this contract may occur in
A. Australia only. B. Australia or the United States, but not both. C. Australia, the United States, or both. D. the United States only.