Which of the following is false about an income statement?
a. Items that cannot be measured reliably are not reported in the income statement.
b. It is used to measure the solvency of a company.
c. Income measurement involves judgment.
d. Income numbers are affected by the accounting methods employed
Ans: b. It is used to measure the solvency of a company.
Business
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A straight note:
a. means that the principal is owed as one lump sum at the end of the term b. may be secured by a mortgage for real property c. is a legitimate instrument for the sale of real estate d. all of the above
Business
A breach by the buyer will shift the risk of loss to the buyer as soon as the breach occurs if the
risk has not already shifted. Indicate whether the statement is true or false
Business