What is the Magnus-Moss Warranty Act?
What will be an ideal response?
The Magnus-Moss Warranty Act is a federal law that ensures manufacturers' warranties on consumer products do not use disclaimers on warranties in an unfair or misleading manner.
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Earnings per share information need not be shown for extraordinary gains and losses
Indicate whether the statement is true or false
How are period expenses recognized and measured?
On January 1, Frederic Manufacturing had a beginning balance in Work-in-Process Inventory of $160,000 and a beginning balance in Finished Goods Inventory of $20,000
During the year, Frederic incurred manufacturing costs of $205,000. During the year, the following transactions occurred: Job C-62 was completed for a total cost of $140,000 and was sold for $158,000. Job C-63 was completed for a total cost of $181,000 and was sold for $213,000. Job C-64 was completed for a total cost $84,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $26,000 and was adjusted to zero at year-end. What was the final balance in the Cost of Goods Sold account? A) $295,000 debit balance B) $347,000 debit balance C) $347,000 credit balance D) $295,000 credit balance
Which of the following statements about Generally Accepted Accounting Principles (GAAP) is
NOT true? A) GAAP is a set of rule-based accounting standards established by the Financial Accounting Standards Board (FASB). B) GAAP is complex, providing more than 150 "pronouncements" as to how to account for different types of transactions. C) GAAP sets out the standards, conventions, and rules that accountants must follow when preparing audited financial statements. D) All of the statements above are true.