Describe the U.S. GAAP requirement in accounting for joint venture investments.,
JOINT VENTURE INVESTMENTS
U.S. GAAP requires firms to account for joint ventures using the equity method (unless
the firm elects the fair value option for investments in joint ventures). The ownership percentage in the joint venture permits each owner to exert significant influence but not control. Thus U.S. GAAP does not permit either full consolidation or proportionate consolidation.
IFRS permits firms to account for jointly controlled entities using either the equity
method or proportionate consolidation.
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AMS, Inc. is a factory located in Norfolk, Virginia that uses chemicals like lead and arsenic in its production process. It discharges the waste products associated with its manufacturing process into the Atlantic Ocean. From the information provided, it can be inferred that ________.
A. AMS, Inc. is an electrical goods manufacturing company B. AMS, Inc. is using radioactive materials in its production process C. AMS, Inc. is likely to face corrective action by the U.S. Army Corps of Engineers D. AMS, Inc. is a stationary source of pollution
A nonprofit corporation is:
A) A corporation formed for charitable, educational, religious, or scientific purposes that cannot make a profit. B) Any corporation that has never made a profit. C) Any corporation that does not intend to make a profit. D) A corporation formed for charitable, educational, religious, or scientific purposes that can make a profit, although any profit may not be distributed to its members, officers, or directors.
In the context of employee benefits, the term "discrimination" refers to benefit comparisons between
A) male and female employees. B) current employees and retirees. C) highly compensated employees and non-highly compensated employees. D) members of an under-represented group (by religious preference, race, or national origin) and the majority of employees.
Selling direct-to-customer is more common with business products than consumer products.
Answer the following statement true (T) or false (F)