Which of the following is not a true statement?
a. SFAC No. 3 defines 10 elements of financial statements.
b. SFAC No. 3 is a resolution of the definitions presented in the discussion memorandum for the conceptual framework project.
c. SFAC No. 3 was amended by SFAC No. 6.
d. SFAC No. 3 discusses in detail the three views of financial accounting mentioned in the discussion memorandum.
ANSWER: D
You might also like to view...
Alpha Company uses its sales invoices for posting perpetual inventory records. Inadequate control activities over the invoicing function allow goods to be invoiced that are not shipped. The inadequate control activities could cause an:
A. overstatement of revenues and receivables and an understatement of inventory. B. overstatement of revenues, receivables, and inventory. C. understatement of revenues and receivables and an overstatement of inventory. D. understatement of revenues, receivables, and inventory.
The trademark symbols "TM" and "SM" can be used with marks that have not been registered
Indicate whether the statement is true or false
Describe how a firm can generate ideas for new products. Provide at least two examples of new product idea generation techniques.
What will be an ideal response?
To prevent a second payment for an invoice, the check signer should ________ the documents relating to the transaction.
A) deface B) sign C) file D) throw away