On January 1, 2011, P Company purchased all of the outstanding common stock of S Company. Which of the following represents the worksheet entry needed to consolidate the balance sheets of the two companies?
a. Investment in S XXX
Common stock XXX
Retained earnings XXX
b. Investment in S XXX
Retained earnings XXX
c. Common stock XXX
Retained earnings XXX
Investment in S XXX
d. Retained earnings XXX
Investment in S XXX
C
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Which of the following is a limitation seen in organizations taking a low-cost approach to
product development? A) Demand for the product is limited to a niche market. B) Time taken for development is very long. C) Profit margins are very low. D) Products cannot be differentiated.
Which of the following is not true about the UCC?
A) The UCC is a federal statute passed by Congress in 1953 that covers most aspects of commercial transactions. B) The UCC is continually being revised to reflect changes in modern commercial practices and technology. C) The UCC is divided into articles, with each article establishing uniform rules for a particular facet of commerce in the United States. D) The UCC is a model act that contains uniform rules that govern commercial transactions.