| ordering of; creation | b. | ordering of; collection | c. | payment for; creation | d. | payment for; collection | e. | none of the above | 4. The average length of time required to convert materials into finished products and sell that product is called the ____. a. | cash conversion cycle | b.
c. The subsidiary's reported income is not adjusted for the impact of transfers prior to computing the noncontrolling interest's allocation. d. The subsidiary's reported income is adjusted for the impact of downstream transfers prior to computing the
A payee whose name is misspelled on an instrument cannot indorse the instrument. (404) _F_ 17. An instrument payable to two persons jointly requires the endorsement of both of the payees for negotiation. (404) _F_ 18. A person who receives an instrument as a gift does not possess the rights
The income statements of service business normally have separate sections for operating revenues, operating expenses, and other income (expenses). In contrast, those of retailers, wholesalers, and manufacturers disclose sales revenue, followed immediately by cost of goods sold and gross margin. Operating expenses are listed next followed by other income (expenses). 4. The basic difference falls in the area of inventory.
Interest income from municipal bonds is excluded from gross income. c. Deferrals are income items taxpayers realize in one year but pay taxes on in a subsequent year. d. An income item need not be realized to qualify as an exclusion. Objective: Evaluate the relative weights of tax law sources. 3.
During the barter system goods and services were traded directly for other goods and services. Money was created to replace the barter system and to stabilize the world’s economy with the exchange of goods and services. Money consists of four major functions, medium of exchange, unit of account, store of value, and standard of deferred payment. When a seller accepts money in exchange of goods and services is known as medium of exchange.