Philip is thinking about customizing his motorcycle. a paint job, saddlebags, and a radio would cost $600. his motorcycle is older, so he also knows that he will need to get another motorcycle sometime in the next two years. he creates a cost-benefit analysis table to examine his choices. what statement would best complete the chart, and why?
a) he will be able to drive his motorcycle on his upcoming vacation.
b) he will be able to lengthen the life of his motorcycle.
c) he will temporarily have less money in his bank account.
d) he will spend more time with friends during the repairs.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Which of the following is the best example of substitution? a. movie producers begin making more comedies because they cost less to make than action films. b. people walk out before the end of a movie because the acting and the plot are terrible. c. people at the movie theater switch from popcorn to candy because popcorn has gotten too expensive. d. more people begin going to matinee movies instead of night movies to save money on the tickets.

What criteria does a company have to meet to be considered a monopoly?