Answer the following statements true (T) or false (F)
1. Financial reporting is typically much more detailed than managerial accounting.
2. Managerial accounting provides financial statements that report results of operations, financial
position, and cash flows both to managers and to external stockholders.
3. The IMA standards of ethical practice require managerial accountants to maintain their professional
competence.
4. The accountant for Myra Lido deliberately recorded operating expenses as operating assets in order
to record a higher net income for the company. As long as the amount of the misstatement was not
material, this would not be considered unethical behavior.
5. The IMA Statement of Ethical Professional Practice include confidentiality, competence, credibility,
and integrity.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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To bring a Title VII claim as a class action, employees must prove a company-wide policy of discrimination that has a common effect on all of the plaintiffs.
Answer the following statement true (T) or false (F)
Appellate judges can reverse a decision of the trial court:
a. where any error below is found. b. only where there was a prejudicial error that substantially affected the appellant's rights and duties. c. only where the outcome of the case is clearly wrong. d. where the losing party desires a new trial.
What is the present value of $2,000 to be received in six years if interest rates are 8% compounded semiannually? (Round to the nearest whole dollar)
A) $1,258 B) $1,249 C) $1,852 D) $1,158 E) $1,923
The accounts payable balance at the beginning of the year was $85,000. The company purchased $380,000 worth of goods on account, and the ending balance of the payables account was $70,000.What were the total payments on account?
A. $395,000 B. $535,000 C. $465,000 D. $450,000