What is the significance of the "Norwalk Agreement?"
What will be an ideal response?
The "Norwalk Agreement" set the FASB and IASB along the path of convergence of accounting standards. The FASB and IASB agreed to "use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as is practicable and (b) to coordinate their work program to ensure that once achieved, compatibility is maintained."
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A company reported that its bonds with a par value of $50,000 and a carrying value of $64,500 are retired for $69,000 cash, resulting in a loss of $4500. The amount to be reported under cash flows from financing activities is:
A. $(69,000). B. $(64,500). C. $(4500). D. $(14,500). E. $14,500.
Kitchen dishcloths are often difficult to rinse clean and typically dry slowly. A company developed a disposable kitchen cloth that rinses easily and dries quickly
Because this is a brand new product to the market, it can be said to be in the ________ stage of its product life cycle. A) competitive B) trial C) introduction D) growth E) youth
Members of limited liability companiesare shielded from personal liability in many situations
Indicate whether the statement is true or false
Body care Corporation makes and sells Chem Med, the most prescribed name-brand blood pressure-lowering medication. Deja Vu Drugs, Inc, has the potential to make a generic version of the same drug.? ?A court would most likely rule that the agreement between Bodycare and Deja Vu is A) a deal that neither restrains trade or harms competition
B) a legal restraint of trade.? C) a per se violation of the Sherman Act. D) subject to analysis under the rule of reason.