In a contract involving a competent person and a person who is insane but not adjudged insane, the competent party can void the contract

Research and development costs should be recorded as

A. an intangible asset and recorded on the balance sheet B. general expenses and expensed on the income statement C. equipment and recorded on the balance sheet D. other expenses and expensed on the income statement

Stock categorized as trading securities is purchased for $72,000. At year end, when the market value of the stock is $63,000, the adjusting entry that would be recorded is:

A) Allowance to Adjust Short-Term Investments to Market 9,000 Unrealized Loss on Investments 9,000 B) Unrealized Loss on Short-Term Investments 9,000 Allowance to Adjust Short-Term Investments to Market 9,000 C) Allowance to Adjust Short-Term Investments to Market 9,000 Short-Term Investments 9,000 D) Realized Loss on Investments 9,000 Short-Term Investments 9,000