Least-squares regression is a statistical method for identifying cost behavior.
Answer the following statement true (T) or false (F)
True
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When a company exchanges machinery and receives a trade-in allowance greater than the book value, thistransaction would be recorded with which of the following entries (assuming the exchange was considered to havecommercial substance)?
a. debit Machinery and Accumulated Depreciation; credit Machinery, Cash, and Gain on Exchange ofMachinery b. debit Cash and Machinery; credit Accumulated Depreciation and Machinery c. debit Machinery and Accumulated Depreciation; credit Machinery and Cash d. debit Cash and Machinery; credit Accumulated Depreciation
In a periodic inventory system, the cost of purchases is recognized as
a. an integral part of the calculation of cost of goods sold. b. the only part of the calculation of cost of goods sold. c. an increase in the inventory account. d. an increase in an asset account.
A tendency for fraud may exist when the granting of stock options is dependent on reaching an earnings goal
a. True b. False Indicate whether the statement is true or false
In relation to a set of 2015 basic financial statements, a subsequent event is one that
a. occurs before the 2015 financial statements are issued. b. involves uncertainty as to possible gain or loss that will ultimately be resolved in 2016 or later. c. occurs after the 2015 financial statements are issued. d. requires an appropriate adjusting entry to be made as of the end of 2015.