An accident on a state highway rendered Jill in a comatose state for nearly a month.There was an old nurse who used to take care of her then.After her recovery,Jill felt so indebted to the nurse that she contracted to transfer all her assets to her to fulfill her (Jill's) moral obligation.Although this contract lacks ________,it can be enforced.

A) value
B) consideration
C) acceptance
D) capacity

The journal entry to record the final installment from a common stock subscription is:

A) a debit Cash and a credit to Paid in Capital in Excess of Par Value-Common Stock.
B) a debit to Subscriptions Receivable-Common Stock and a credit to Cash.
C) a debit to Cash and a credit to Subscriptions Receivable-Common Stock.
D) a debit to Common Stock Subscribed and a credit to Cash.

What is another term used for unintentional discrimination by organizations?

A) overt discrimination
B) job-related discrimination
C) systemic discrimination
D) personal discrimination

'Net realisable value' of inventories is defined in AASB 102 as the estimated selling price in the ordinary course of business:

A) in a forced sale.
B) plus the estimated costs necessary to make the sale.
C) less the estimated costs of completion and the costs necessary to make the sale.
D) plus the estimated costs of completion and the estimated costs necessary to make the sale.

An important function of commercial banks is to _____.

A) print new currency
B) issue fiat money
C) mint coins
D) redeem currency for precious metals
E) make loans

Carol buys some items at the drugstore and writes a check to the store on her account at First Bank. Who is the drawee?

A) Carol.
B) The drugstore.
C) First Bank.
D) The drugstore's bank.

Bascom Incorporated manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. Its standard cost per unit produced is $25.75. During the year, the company produced and sold 36,000 units at a price of $31.80 per unit and its selling and administrative expenses totaled $169,000. The company does not have any variable manufacturing overhead costs. It recorded the following variances during the year:
Required:1. When the company closes its standard cost variances, the cost of goods sold will increase (decrease) by how much?2. Prepare an income statement for the year.

When an interest-bearing note matures the balance in the Notes Payable account is

A) less than the total amount repaid by the borrower.
B) the difference between the maturity value of the note and the face value of the note.
C) equal to the total amount repaid by the borrower.
D) greater than the total amount repaid by the borrower.