IFRS encourages firms to use the direct method. The result is that firms that follow IFRS rarely use the indirect method of presenting cash flows from operating activities.
Answer the following statement true (T) or false (F)
False
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Which of the following is the main problem regarding intuition in the role of decision making?
a. People tend to lack sufficient experience. b. It does not provide evidence to support the idea. c. Few people have good intuition. d. Intuition is not real and cannot be trusted. Ans: B
Costs already incurred in manufacturing the units of a product that do not meet quality standards are relevant costs in a scrap or rework decision.
Answer the following statement true (T) or false (F)
When making decisions about pricing strategy, the entrepreneur should consider only costs directly associated with the product and ignore overhead.
Answer the following statement true (T) or false (F)
A business makes a payment in cash for advertising expense. Which of the following accounts is credited?
A) Notes Payable B) Accounts Receivable C) Cash D) Advertising Expense