A justification report and an exception report have a similar purpose
Indicate whether the statement is true or false
TRUE
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What is the fundamental difference between a fixed-price and a cost-plus contract?
A. On fixed-price contracts contractors are used while on cost-plus contracts no external contractors are used B. On fixed-price contracts the cost is set in advance while for cost-plus contracts it is established after the project is completed C. On fixed-price contracts macro estimates are used while micro estimates are used for cost-plus contracts D. No scope changes are made on fixed-price contracts while scope changes are allowed for cost-plus contracts E. On fixed-price contracts partnering is used while it is not used for cost-plus contracts
Reven Corporation prepares its statement of cash flows using the direct method. Last year, Reven reported Income Tax Expense of $25,000. At the beginning of last year, Reven had a $5,000 balance in the Income Taxes Payable account. At the end of last year, Reven had a $9,000 balance in the account. On its statement of cash flows for last year, what amount should Reven have shown for its Income Tax Expense adjusted to a cash basis (i.e., income taxes paid)?
A. $25,000 B. $29,000 C. $4,000 D. $21,000
Which of the following questions might the accountant answer in the design of the AIS?
A. what will be recorded B. what controls are necessary C. what reports will be produced D. all of the choices are correct
Fundamentalists typically use the "Bottom-Up Approach" whereas technicians use the "Top-Down Approach" to the valuation process
Indicate whether the statement is true or false