Fitz Is an Athletic High School Student and a Member

question 144

Multiple Choice

Fitz is an athletic high school student and a member of both the football and basketball teams.He has a reputation for being a jock but seldom interacts with other athletes.If asked, he would state that he has more friends who are members of the glee club than who are athletes.His closest friends are those he interacts with on a daily basis, other teens who live in his neighborhood and he has grown up with.Which of the following best describes Fitz's clique?

• A)jocks
• B)glee club members
• C)neighborhood friends
• D)the football and basketball teams

Explain the utility and types of accounting software in financial management.

Prepare adjusting entries for year-end financial statement preparation.

Understand the differences between changes in accounting principles, estimates, and errors.

Identify the appropriate treatment for changes in accounting principles, including retrospective and prospective applications.

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Definitions:

Common Shares

Shares of stock representing ownership in a company, giving holders voting rights and a share in the company’s profits through dividends.

Stockholders' Equity

The residual interest in the assets of an entity after deducting liabilities, representing ownership interest held by stockholders.

Noncontrolling Interest

The portion of equity in a subsidiary not owned by the parent company, reflecting the interests of outside investors.

Subsidiary's Net Income

The amount of profit remaining after all expenses, including taxes and operating costs, have been subtracted from total revenue, specific to a company that is controlled by another entity.