One of the main benefits of analyzing data is to find out who is making mistakes and then take the proper corrective action.
Answer the following statement true (T) or false (F)
False
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Which of the following statements does not properly reflect the new rules for accounting for minority equity investment securities, if fair value is not readily determinable?
A. If reported at cost, the reported value is updated when circumstances indicate the asset's value is impaired. B. If reported at cost, the reported value is to be updated when there is an observable transaction. C. If there are changes in carrying value, they are not to be reported in net income. D. Firms may opt to report at fair value or report at cost.
The fixed asset disposal report authorizes the user department to dispose of a fixed asset
Indicate whether the statement is true or false
The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008
Indicate whether the statement is true or false
As the real value of the dollar rises, the balance on the current account is likely to ________
A) increase B) decrease C) stay the same D) move with the capital account adjustments factor