Do the SFACs that constitute the conceptual framework establish generally accepted accounting principles? What are the benefits and limitations of this approach?
What will be an ideal response?
ANSWER:
The SFACs that constitute the conceptual framework do not establish generally accepted accounting principles. This avoids the possibility of a crisis arising from a failure to comply with the statements. Also, the process of arriving at a workable and utilitarian metatheoretical-type structure must be acknowledged as a slow, evolutionary process. The tentative nature of the statements may make it easier to change components as the need arises. On the other hand, the possibility also exists that the statements will have a purely cosmetic effect.
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The ______ can be a statistic, an example or a story, a rhetorical question, a reference to the past, a quotation, or anything that will draw the attention of the audience, as long as it is related to the topic.
a. closing statement b. transition c. attention getter d. concluding device
An employer announced that it was going to close a union facility, and entered into negotiations with the union. Six drivers learned of an upcoming meeting, met over coffee to formulate their questions, and went to the site of the meeting. A union official told them to return to work, but the drivers insisted, and eventually were able to introduce themselves to the management representatives
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_____ channel relationships include non-equity agreements such as franchising and licensing, as well as equity-based joint ventures and strategic alliances.
A. Arm's Length B. Functional C. Cooperative D. Hierarchical E. Integrated
Parties engaging in ultrahazardous activities are liable for injuries:
a. unless the injured party somehow profited from the activity before being injured b. unless the injured party should have known better c. regardless of the level of care exercised in carrying out the activity d. unless there is sufficient care shown in carrying out the activity e. none of the other choices are correct