Quiz Solutions

Joshua Thomas Corporation manufactures and retails computer

Joshua Thomas Corporation manufactures and retails computer hardware. The president of the corporation bought a new car as a gift for his daughter and paid for it using cash from the business Since the corporation paid for the car, it was recorded in its books as an asset. Which of the following concepts or principles […]

Read full post

Date: September 2nd, 2020

Johnson Company purchased land for $30,000. The president of

Johnson Company purchased land for $30,000. The president of Johnson Company believes that the land is actually worth $35,000. The land can be recorded at $35,000. Indicate whether the statement is true or false ANSWER FALSE .The cost principle states that acquired assets are recorded at their actual cost.

Read full post

Date: September 2nd, 2020

Which of the following is a major reason why corporate owner

Which of the following is a major reason why corporate ownership is popular in the United States? A) Stockholders have limited liability for the debts of the corporation. B) Most corporations are small- or medium-sized. C) The life of a corporation is limited by the death of the owner. D) A corporation is usually managed […]

Read full post

Date: September 2nd, 2020