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NEW QUESTION: 1
Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December
3 1, 1988. The following information was taken from Chester's accounting records for the above period:
For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net
loss?
A. $350,000
B. $450,000
C. $ 50,000
D. $150,000
Answer: B
Explanation:
Choice "d" is correct. $450,000 net loss for the period Sept. 1, 1987 to DeC. 31, 1988.
Rule: "Development stage enterprises" present their FS in accordance with GAAP and make additional
disclosures such as: cumulative net losses, cumulative deficit, cumulative sales and expenses.
NEW QUESTION: 2
Which of the following statements describes regression testing?
I. Retesting of a fixed defect
II. Testing of an already tested program
III. Testing of new functionality in a program
IV. Regression testing applies only to functional testing
V. Tests that do not have to be repeatable, because they are only used once
A. I, III, IV
B. I, IV
C. II
D. II, IV, V
Answer: C
NEW QUESTION: 3
You have been asked to change a process so that during sales invoicing, any manually changed pricing elements in the pricing procedure for the sales document are copied from the sales order to the billing document unchanged, but other automatically determined conditions are re-determined.
Where is this behavior controlled?
A. In the item category of the billing type
B. In the condition type
C. In the billing type
D. In the copy control at item level
Answer: D