Answer the following statements true (T) or false (F)
1) Generally Accepted Accounting Principles (GAAP) are the rules and guidelines governing accounting.
2) Due to the globalization of business, U.S. companies are no longer required to follow GAAP.
3) The business entity concept requires that the owner's personal assets be separated from business assets.
4) Financial information that is verifiable violates the principle of objectivity.
5) According to the cost principle, if an appraised value is known - it should be used for recording purposes.
1) TRUE
2) FALSE
3) TRUE
4) FALSE
5) FALSE
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Indicate whether the statement is true or false
Which of the following is NOT true regarding restructuring charges?
a. Restructuring charges reflect a loss in asset values of assets no longer consistent with a company's strategic plan. b. Severance pay for employees working at terminated operations may be a component of restructuring charges. c. Restructuring charges may include plant closing costs. d. Restructuring charges are reported as extraordinary items.
A business that contributes resources to the community to improve the quality of life is taking on a(n) ____ responsibility.
A. ethical B. legal C. cost D. philanthropic E. economic
Entertainers, politicians and sports personalities differ from average individuals in that:
a. they tend to receive bigger damage awards in invasion of privacy cases b. it is illegal to publish personal information about them without consent c. their right to privacy is largely waived once they become a public figure d. they must make all personal information public e. none of the other choices