AC
Anahi Cerda
Answers (6)
AC
Answered
What is the effect on the financial statements when a company fails to record depreciation expense at year-end?
A) Net income is overstated and stockholders' equity is understated.
B) Expenses are understated and stockholders' equity is understated.
C) Expenses are understated and liabilities are overstated.
D) Net income is overstated and assets are overstated.
A) Net income is overstated and stockholders' equity is understated.
B) Expenses are understated and stockholders' equity is understated.
C) Expenses are understated and liabilities are overstated.
D) Net income is overstated and assets are overstated.
On Jul 24, 2024
D
AC
Answered
Roddam Corporation produces and sells two products.Data concerning those products for the most recent month appear below: 
The fixed expenses of the entire company were $41,970.If the sales mix were to shift toward Product K09E with total dollar sales remaining constant, the overall break-even point for the entire company:
A) would increase.
B) could increase or decrease.
C) would not change.
D) would decrease.
The fixed expenses of the entire company were $41,970.If the sales mix were to shift toward Product K09E with total dollar sales remaining constant, the overall break-even point for the entire company:A) would increase.
B) could increase or decrease.
C) would not change.
D) would decrease.
On Jul 24, 2024
A
AC
Answered
____ is an example of a primary category of diversity.
A) Marital status
B) Sexual orientation
C) Behavioral style
D) Parental status
A) Marital status
B) Sexual orientation
C) Behavioral style
D) Parental status
On Jun 25, 2024
B
AC
Answered
The purchase of a capital asset adds to the demand for loanable funds only if that asset is a domestic one.
On Jun 24, 2024
False
AC
Answered
What activities give rise to strict liability and what defenses are available to strict liability?
On May 26, 2024
Strict liability, or liability without fault, arises from
(a) performing abnormally dangerous activities,
(b) keeping animals, and
(c) selling defective, unreasonably dangerous products. Abnormally dangerous activities are those that
(a) create a foreseeable and highly significant risk of physical harm even when reasonable care is exercised by all actors and
(b) are not a matter of common usage. Examples include blasting, crop dusting, drilling for or refining oil in populated areas. Trespassing animals or any action by a wild animal generally causes strict liability for the owner. Merchant sellers and manufacturers who sell goods in a defective condition unreasonably dangerous to the user or consumer are held strictly liable. Contributory negligence is not a defense to strict liability. However, comparative negligence is available in some states for some types of strict liability. Express voluntary assumption of risk is also a defense to strict liability.
(a) performing abnormally dangerous activities,
(b) keeping animals, and
(c) selling defective, unreasonably dangerous products. Abnormally dangerous activities are those that
(a) create a foreseeable and highly significant risk of physical harm even when reasonable care is exercised by all actors and
(b) are not a matter of common usage. Examples include blasting, crop dusting, drilling for or refining oil in populated areas. Trespassing animals or any action by a wild animal generally causes strict liability for the owner. Merchant sellers and manufacturers who sell goods in a defective condition unreasonably dangerous to the user or consumer are held strictly liable. Contributory negligence is not a defense to strict liability. However, comparative negligence is available in some states for some types of strict liability. Express voluntary assumption of risk is also a defense to strict liability.
AC
Answered
Gumble Ltd. has owned 65% of the common shares of Lopez for several years. This year, Gumble reduced its interest in Lopez to 10%. Which of the following statements is true?
A) Gumble must change from reporting under consolidation to the equity method.
B) Gumble must change from reporting under consolidation to the cost method.
C) Gumble must change from reporting under the equity method to the cost method.
D) Gumble is not required to change its reporting method.
A) Gumble must change from reporting under consolidation to the equity method.
B) Gumble must change from reporting under consolidation to the cost method.
C) Gumble must change from reporting under the equity method to the cost method.
D) Gumble is not required to change its reporting method.
On May 25, 2024
B