Which of the following are advantages of accrual basis accounting? (Select two answers.)

Health Defense sells first aid kits and uses the periodic inventory system to account for its merchandise.

You plan to borrow $47,400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2

Why might one person work more, earn more, and pay more income tax when his or her tax rate is cut, while another person will work less, earn less, and pay less income tax under the same circumstance?

what would have happened to Damien if the family did not have health insurance and had not taken him to the hospital, because they couldn't afford the care

A party who has been induced to enter into an illegal contract because of fraud, duress, or undue influence can sue the other party and recover whatever consideration he has paid. a. True b. False

The supply function ps (x) for a commodity gives the relation between the selling price and the number of units that manufacturers will produce at that price.

On July 1, 2020, Whispering Co. pays $13,620 to Metlock Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Whispering Co., journalize the entry on July 1 and the adjusting entry on December 31.

Have you ever had an experience where you were not fully aware of what you were purchasing or service you were agreeing to?

Concord Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1,820 kits was prepared for the year.

What is the major advantage of an LLP? a. It limits the personal liability of partners to only their own wrongful acts. b. It increases the liability of the partners. c. It allows the partnership to be taxed as a corporation.