Corporations were formed by small companies pooling their capital to expand their factories. true false

A company purchased 300 units for $60 each on January 31. It purchased 150 units for $25 each on February 28. It sold a total of 250 units for $70 each from March 1 through December 31.

Which items would you most likely to keep in a database

In a finance lease: a. the lessee records an asset and a liability for the present value of lease payments. b. the lessor records an asset and a liability for the present value of lease payments. c.

Jasper has a great deal of knowledge and ability, so because his company has profitsharing, he earns a relatively high salary no matter which job he happens to be in at the moment, and profitsharing pays the employee a bonus based on the firm's

Two basic methods of accounting for bad debts are the allowance approach and the direct write off approach. Briefly describe the difference between the two. Which is the most preferred by GAAP

Buckman Company uses the weighted average method for process costing. The cost per equivalent unit for direct materials is $5.00. The cost per equivalent unit for conversion costs is $3.00. The company completed and transferred out is 40,000 units.

Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis of accounting? A. Paying off loans B. Purchasing inventory on account C. Collecting customer payments D. Borrowing money

Under ASC 606, the transaction price generally should be adjusted for the effect of the time value of money when A. A royalty contract with a distribution in which the consideration to be received depends on sales to end customers. B.

ALT Inc. conducts periodic reviews of the distribution of pay and the favorable outcomes granted to employees, such as promotions and increased office space.

If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner's equity amount? A. Decrease of $2,000 B. Decrease of $2,000 C. Increase of $10,000 D. Decrease of $10,000