All companies in the United States must follow Generally Accepted Accounting Principles and must publish financial statements in accordance with those rules.

A. True

B. False

The following items are reported on a company's balance sheet: Cash $225,000 Marketable securities 115,000 Accounts receivable (net) 112,000 Inventory 158,000 Accounts payable 244,000 Determine (a) the current ratio and (b) the quick ratio.

XtraTorque Inc. is a leading engine oil manufacturer in the United States. The company manufactures oil that can withstand a broader range of temperature than any other engine oil brands available in the market.

Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?

The following information for Kellman Inc. is available at the end of 2019. Total assets on 12/31/2018 $72,500Total assets on 12/31/2019 78,300Total liabilities on 12/31/2018 12,100Total liabilities on 12/31/2019 9,800Common stock on 12/31/2018

The balance sheet of Bonita Company at December 31, 2016, includes the following. Notes receivable $36,200 Accounts receivable 195,800 Less: Allowance for doubtful accounts 20,700 $211,300 Transactions in 2017 include the following. 1.

Which of the following is a claim against sporting goods giants such as Adidas, Puma, and Nike and the conditions in their international manufacturing plants?

A put writer would be "covered" by: (A) A long call (B) Another short put (C) Cash equal to the strike price multiplied by 100 shares (D) An escrow receipt for 100 shares of the underlying stock

Stephanie is a calendar year cash basis taxpayer. She owns a 50% profit and loss interest in a cash basis partnership with a September 30 year-end.

Lance Brothers Enterprises acquired $720,000 of 3% bonds, dated July 1, on July 1, 2016, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity.

Cameron has a cup of coffee every morning, smokes about 10 cigarettes a day, and has a beer with his dinner every night. this is an example of