According to the GAAP principle of conservatism, firms should delay the realization of uncertain revenues and gains and accelerate the realization of uncertain expenses and losses.
Answer the following statement true (T) or false (F)
True
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______ can be quite expensive, requiring a specially designed room with multiple cameras and high-definition video screens.
A. Telepresence technology B. Telecommuting C. Videoconferencing D. Teleworking E. Netconferencing
A company identified four industry segments as reportable out of a total of eight subunits of the company based on the identifiable asset criterion. Total company sales excluding intersegment sales are $3,000,000 for the year, and the sum of sales for the four identified segments is $2,300,000. Given these facts, the company
a. need not report on a segment basis this period. b. must disclose only the four subunits as segments. c. must identify one or more additional segments for segmental disclosure purposes. d. treat all subunits of the firm as reportable.
Sales to customers who use bank credit cards, such as MasterCard and Visa, are generally treated as
A) sales on account B) sales returns C) cash sales D) sales when the credit card company remits the cash
U.S. Americans are not action oriented
Indicate whether the statement is true or false.