Prescribing one method for generally similar transactions even though relevant circumstances may be present is referred to as:
a. finite uniformity.
b. rigid uniformity.
c. inflexible uniformity.
d. measurable uniformity.
ANSWER: B
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Cash flows from investing activities, as part of the statement of cash flows, would include any payments for thepurchase of treasury stock
a. True b. False Indicate whether the statement is true or false
This type of person frequently fails to get his or her needs met
A) defensive B) non-assertive C) assertive D) aggressive
On July 1, 2016, Overlin Corp purchased $100,000 of 8% bonds at face value. Interest is paid annually on June 30 . If the accounting year for Overlin ends at December 31, 2016, what will be reported with respect to the bonds on that date?
a. The carrying value of the bonds will be $108,000. b. The cash received in interest will be $8,000. c. Interest income in the amount of $4,000 will be accrued. d. A loss on the bonds will be reported in the Other Income and Expense section of the 2016 income statement until the entire amount of interest is paid on June 30, 2017.
Which of the following is not a requirement of a company's external auditors under SarbanesÂOxley?
a. They must give an opinion that management's assessment that the internal control system over financial reporting is fairly stated. b. They must give an opinion that the company maintained an effective internal control system over financial reporting. c. They must design and implement an effective information system design. d. They cannot perform any brokerage services for the company.