A(n) _____________________________
_ is a series of actions or operations leading to a particular and usually desirable result.
Fill in the blank(s) with correct word
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Q. 2) Prepaid insurance had a balance of 1,000 on the company's December 31, 2011 balance sheet. On June 1, 2012, the company paid an additional insurance premium of 3,000.
Prepaid insurance had a balance of 1,250 on the company's December 31, 2012 balance sheet. How much cash paid for insurance will be reported on the company's statement of cash flows for the year ended December 31, 2012?
A) (1,000)
B) (3,000)
C) (1,250)
D) (4,000)
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Q. 3) Base and rate changes in payroll taxes such as FICA affect the accounting principles and procedures for payroll.
a. True
b. False
Indicate whether the statement is true or false
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Q. 4) The statement of cash flows is divided into three sections: assets, liabilities, and shareholders' equity.
Indicate whether the statement is true or false
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Q. 5) The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item byitem, by major classification of inventory, or by the total inventory.
a. True
b. False
Indicate whether the statement is true or false
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Q. 6) Perfuncto, Inc. built a machine. The costs for the new machine were:
Parts for the machine 80,000
Delivery costs for the machine parts 2,000
Labor costs to build the machine 20,000
Maintenance cost incurred to keep the machine running 10,000
What should Perfuncto, Inc. record as the cost of the machine?
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