Known liabilities of estimated amounts are
A. ignored. (Record them when paid.)
B. reported on the balance sheet.
C. reported on the income statement.
D. reported only in the notes to the financial statements.
Ans: B. reported on the balance sheet.
Business
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Travel advances should be reported as
a. supplies. b. cash because they represent the equivalent of money. c. investments. d. none of these.
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_____ is an emphasis on material objects or money that displaces spiritual, aesthetic, or philosophical values.
A. Consumerism B. Individualism C. Materialism D. Rationalism
Business