The consistency principle is mandated by:
A) the IRS.
B) the SEC.
C) GAAP.
D) the federal government.
C) GAAP.
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An employee who lost a toe in an industrial accident, but is not disabled as a result, would not be entitled to any compensation for the loss
Indicate whether the statement is true or false
Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Enter only one letter for each element.Increase = IDecrease = DNo Effect = NBelvedere Company recognized $2,500 of depreciation expense on a delivery van.AssetsLiabilitiesEquityRevenuesExpensesNetIncomeCash Flow? ?????
What will be an ideal response?
A leasehold is:
A. The same as a patent. B. Recorded as revenue expenditure when paid. C. The rights granted to the lessee by the lessor of a lease. D. An asset held as an investment. E. A short-term rental agreement.
Which of the following statements is false?
a. The difference between total reserves and the monetary base is currency held by the nonbank public. b. The ability to alter the money supply and credit is based on the fact that our banking system does not utilize a fractional reserve system. c. The ability to predict M1 velocity, in addition to money supply changes, is important in achieving successful monetary policy making. d. A derivative deposit arising out of a loan from Bank A is transferred by check to Bank B, where reserve requirement are again imposed.