Provide the line by line format of a balance sheet.
What will be an ideal response?
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Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true?
A) U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. B) U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. C) U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. D) Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
"Beyond the market and the economy, the company must consider several other factors in its external environment when setting prices." Explain this statement
What will be an ideal response?
A tort in which the violation of a statute or an ordinance constitutes the breach of the duty of care is ________.
A. negligence per se B. res ipsa loquitur C. strict liability D. proximate cause
Lukey Products has an unfavorable materials usage variance. Which of the following would be the most likely reason for this variance?
A) The company under budgeted the quantity of material to be used for each unit. B) The company purchased material at a price for less than what was expected. C) The company budgeted for a lower sales volume than what actually occurred. D) The company did not use up all the material that had been purchased.