Prior period adjustments to financial statements can result from:
A. Unacceptable accounting practices.
B. Discontinued operations.
C. Changes in tax law.
D. Changes in estimates of useful life.
E. Changes in estimates of salvage value.
Answer: A
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[APPENDIX] Stockton Corporation has made an accounting entry to record deferred taxes as a liability resulting from temporary differences between accounting income and taxable income. Which of the following statements is true?
a. Deferred tax will be decreased. b. Stockholders' equity will be increased. c. Stockholders' equity will be decreased. d. Assets will be decreased.
Which of the following is not a true statement regarding SFAS No. 94?
a. SFAS No. 94 rejected the exclusionary arguments of ARB 51 and ARB 43. b. SFAS No. 94 requires all majority-owned companies to be consolidated except when control is only temporary or if the majority owner does not have effective control. c. SFAS No. 94 says that neither legal reorganization nor bankruptcy is an instance of non-control by a majority owner. d. There is some evidence that the FASB was attempting to “level the playing field” in SFAS No. 94 by requiring companies to provide more information to financial statement users who might not have been aware of debt levels carried by unconsolidated subsidiaries.
Arbitration differs from litigation in which of the following ways?
Arbitration lacks many of the procedural rules of a court proceeding. A) Decisions of an arbitrator, unlike a judgement of a court, are never binding on the parties. B) Arbitration is normally faster and cheaper than having a trial. C) Both A and C D) All of the above
In terms of big data, what includes the scale of data?
A. Velocity B. Volume C. Veracity D. Variety