Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding of the nature of the environment.
Answer the following statement true (T) or false (F)
True
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The distributed data processing approach carries some control implications of which accountants should be aware. Discuss two
Which of the following is true?
a. The Financial Accounting Standards Board has never permitted the disclosure of the fair values of noncurrent operating assets in the notes to financial statements. b. The SEC currently requires the disclosure of the fair values of noncurrent operating assets in the notes to financial statements of companies that are registered with the SEC. c. The Financial Accounting Standards Board currently requires the disclosure of the fair values of noncurrent operating assets in the notes to the financial statements. d. Disclosure of the fair values of noncurrent operating assets in the notes to the financial statements is currently encouraged but not required by the Financial Accounting Standards Board.
During the first two years, Supplies, Inc. drove the company truck 15,000 and 22,000 miles, respectively, to deliver merchandise to its customers. The company originally purchased the truck for $175,000. If the truck has an estimated life of 10 years or 300,000 miles, and an estimated residual value of $25,000, what amount of depreciation expense should Supplies, Inc. record in the second year using the activity-based method?
A. $16,000. B. $18,500. C. $7,500. D. $11,000.
An accounting firm conducts periodic reviews of the distribution of pay and other rewards granted to employees, such as promotions and increased office space. The goal of the reviews is to confirm that employees who received greater pay increases or other favorable outcomes have made significant contributions to the organization. This ensures the company uses ________ when rewarding its employees.
A. compensation justice B. distributive equality C. distributive fairness D. procedural justice E. distributive justice