Recognition of a gain or loss on the sale-leaseback transaction by the seller-lessee depends on whether or not the seller-less will continue to use the asset after the sale or gives up the right to use the asset.

With regard to deferred tax items, a company must disclose all of the following except ________

A) the amount and expiration of carryforwards for net operating losses and unused tax credits B) the amount of the valuation allowance or any change in valuation allowance C) the individual components of all deferred tax assets and deferred tax liabilities D) All of the above must be disclosed.

Process costing would be suitable for:

A. Automobile repair. B. Production of television sets. C. Boat building. D. Kitchen remodeling.