Which one of the following is the last step in the accounting cycle?

In a merger of companies P and S, S ceased to exist. Which of the following statements about date of merger financial statements is false?

a. P's financial statements will reflect S's former assets and liabilities at their book values on S's records at the date of acquisition. b. P's financial statements will reflect S's former assets and liabilities at their fair values. c. P's financial statements will reflect P's shareholders' equity. S's shareholders' equity will not be added in. d. No "Investment in S" account will exist on the financial statement

Fans of Cheerwine cherry-flavoured cola are able to explain why Cheerwine is superior to any other type of cherry cola. These people are scattered throughout the Maritimes and are extremely brand loyal. The characteristics of this target market indicate that a promotional mix with which of the following should be used?

a. more advertising and less sales promotion and public relations b. less sales promotion and more advertising and personal selling c. more advertising and sales promotion and less personal selling d. less publicity and sales promotion and more personal selling