Consider the Following Code Snippet

question 86

Multiple Choice

Consider the following code snippet. Scanner inputFile = new Scanner("hoursWorked.txt") ;
Which of the following statements is correct?

• A) This code will treat the string "hoursWorked.txt" as an input value.
• B) This code will create a new file named "hoursWorked.txt".
• C) This code will open an existing file named "hoursWorked.txt" for reading.
• D) This code will open a file named "hoursWorked.txt" for writing.

Understand the criteria for classifying a company as a parent or subsidiary and the implications for financial statements.

Comprehend the cost method and equity method of accounting for investments.

Analyze the implications of dividend distributions on the carrying value of investments.

Grasp the concept of comprehensive income and the components that constitute it.

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Definitions:

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, immediately affecting the inventory account whenever an item is received or sold.

Discount Period

The time frame between the onset of a payment period and the due date when a discount for early payment is available.

Perpetual Inventory System

An inventory management system where updates to inventory records are made in real-time with each sale or purchase, providing a continuous record of inventory levels.

Discount Period

The timeframe during which a discount is offered for prompt payment on sales.