Which statement is true concerning gains and losses?
a. Gains and losses are reported on the balance sheet in the Assets and Liabilities sections, respectively.
b. Gains and losses are special types of revenues and liabilities that are reported on the income statement.
c. The amounts of gains and losses are included in the calculation of the current ratio, in the numerator and denominator, respectively.
d. None of these choices.
d
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Roth and Dixon both claim a security interest in the same collateral. Roth's security interest attached on January 1, and was perfected by filing on March 1. Dixon's security interest attached on February 1, and was perfected on April 1, by taking possession of the collateral. Which of the following statements is correct?
A. Roth's security interest has priority because Roth perfected before Dixon perfected. B. Dixon's security interest has priority because Dixon's interest attached before Roth's interest was perfected. C. Roth's security interest has priority because Roth's security interest attached before Dixon's security interest attached. D. Dixon's security interest has priority because Dixon is in possession of the collateral.
The Sarbanes-Oxley Act requires auditors to retain work papers for ______ years.
A. 7 B. 8 C. 9 D. 10