Which statement concerning accounting for accounting changes and errors is false?
A) An error is accounted for retrospectively.
B) A change in accounting principle is accounted for prospectively.
C) A change in accounting principle may be accounted for retrospectively.
D) A change in accounting estimate is accounted for prospectively.
B
You might also like to view...
When people keep money for some period instead of spending it or investing it, money is serving the role of a
A. medium of exchange. B. unit of account. C. store of value. D. standard of deferred payment.
Which of the following statements on the impact of apologies on trust repair is false?
A. Timing of the apology is irrelevant to effectiveness. B. The apology is more likely to be accepted if the break of trust was not caused by deceptive behavior. C. The more sincere an apology, the more effective it is in repairing trust. D. An offer of some kind of verbal statement acknowledging broken trust is more effective than not making any comment.
Gershwin Company reported net income of $428,000 and paid $8,500 in preferred cash dividends during the current year. The company had 110,000 common shares issued, and 10,000 common shares in treasury during the year. The year-end market price per common share was $41.05. Calculate the company's price-earnings ratio.
What will be an ideal response?
The rate charged by a carrier will vary with:
I. the value of the goods. II. the density of the goods. III. the color of the goods. A) I, II and III B) I and II only C) I and III only D) I only E) II and III only