What two choices must be made in the measurement process for a company that acquires a piece of equipment and needs to record it in the accounting records? Explain
The first choice is deciding the attribute to be measured. For the equipment, this attribute is the historical cost because it is verifiable. The second choice that must be made is deciding the unit of measure. For the equipment, the unit of measure is money. For companies in the United States, this is the dollar. The equipment will be recorded in the amount of dollars that were given up to acquire it.
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In shipping products across international borders a __________________ may be required that states the country in which the products were manufactured.
(a) Commercial invoice (b) Bill of lading (c) Certificate of origin (d) Shipper’s export declaration (e) Consular invoice
Revised UCC Article 3 refers to all of the following as secondary obligors, except:?
A) drawers B)indorsers? C)accommodation parties? D)acceptors
In Erie Railroad Co v. Tompkins, where Tompkins sued a New York company that owned a train that hit him in Pennsylvania, the Supreme Court held that:
a. federal common law did not exist in diversity-of-citizenship cases b. federal courts would apply federal common law in diversity-of-citizenship cases c. federal common law would be used when there was no diversity of citizenship d. federal common law takes precedence over state common law in all instances e. federal judges may order a case out of state court to "protect judicial integrity"
Naomi received weekly wages of $1,185.58. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based on the percentage method tables in Exhibits 9-1 and 9-2 from your text?
A) $0 B) $20.29 C) $30.16 D) $82.66