There is no prescribed income statement format under IFRS whereas U.S. GAAP requires the use of the single-step or the multiple-step format

Freight in is recorded in the Merchandise Inventory account if the purchaser uses the perpetual inventory system

Indicate whether the statement is true or false

Jim and Carolyn, who are married, establish a Coverdell Education Savings Account to pay for the future college expenses of their infant son. They file jointly and have a modified AGI of $100,000. What is the maximum contribution they can make to a CESA in the current year?

a) $3,000 b) $2,000 c) $4,000 d) $8,000