If a merchandising company sells land at more than its cost, the gain should be reported in the sales revenue section of the Income Statement.

Which of the following is the primary objective of managerial accounting?

A) providing information that managers need to make operational decisions B) providing historical data to investors and creditors C) providing summarized results of operations D) providing information to comply with laws and regulations of government bodies

A document that protects against hidden risks such as forgeries and loss due to defects in the title, subject to specific exceptions, is called a(n)

A) chain of title. B) abstract of title. C) certificate of title. D) title insurance policy.