The name of the place where an instrument was drawn need not be specified
Indicate whether the statement is true or false
True
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On a work sheet, the Debit columns of the Income Statement and the Balance Sheet both total more than the Credit columns. This represents
a. an error in the accounting procedures for the period. b. a net loss. c. a net income. d. no gain or loss.
On January 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. The noterequires annual payments consisting of principal and interest of $15,179, beginning on December 31 of the currentyear. The December 31, Year 1 carrying amount in the amortization table for this installment note will be equal to:
a. $27,635 b. $40,201 c. $36,821 d. $48,620
A person who receives a check as a gift cannot qualify as a holder in due course.
Answer the following statement true (T) or false (F)
Which of the following statements is false?
a. A weakness of the High-Low method is that it considers only two data points. b. An abnormal observation is called an outlier. c. Dividing the change in the total cost by the change in the activity will compute the fixed costs. d. The High-Low method is not as accurate as the least square regression analysis in separating fixed and variable costs.