Major complaints aimed at the FASB’s standard setting process include:
a. the cost of preparing standards is too high.
b. some standards are very difficult to understand.
c. both a and b
d. none of the above
ANSWER: C
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In developing countries, demand typically exceeds supply, and there is little concern about customer satisfaction, especially when the level of competition is low
Indicate whether the statement is true or false
____________ maintain the status quo, promote stability, and ensure the smooth running of operations.
What will be an ideal response?
Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 61,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs.What were the equivalent units for conversion costs in the Assembly Department for the month?
A. 54,400 B. 77,000 C. 55,800 D. 45,000
On January 1, 20X9, A Company acquired 85 percent of B Company's voting common stock for $425,000. At that date, the fair value of the noncontrolling interest of B Company was $75,000. Immediately after A Company acquired its ownership, B Company acquired 75 percent of C Company's stock for $150,000. The fair value of the noncontrolling interest of C Company was $50,000 at that date. At January 1, 20X9, the stockholders' equity sections of the balance sheets of the companies were as follows: A Company B Company C CompanyCommon Stock $400,000 $200,000 $50,000 Additional Paid-In Capital 100,000 120,000 50,000 Retained Earnings 500,000 180,000 100,000 Total Stockholders' Equity $1,000,000 $500,000 $200,000 During 20X9, A Company reported
operating income of $175,000 and paid dividends of $50,000. B Company reported operating income of $125,000 and paid dividends of $40,000. C Company reported net income of $100,000 and paid dividends of $25,000.Based on the information provided, what amount of income will be assigned to the noncontrolling interest in the consolidated income statement for 20X9? A. $25,000 B. $30,000 C. $55,000 D. $43,750