Below are seven reasons for differences in accounting practices among countries. For each reason, at least two options are provided. For each reason, select the option that best describes the United States.Reason:Options:1. Legal system(a) Common law(b) Code law2. Tax laws(a) Different tax and financial accounting rules(b) Similar tax and financial accounting rules3. Sources of financing(a) More equity financing(b) More debt financing4. Inflation(a) Low inflation(b) High inflation5. Culture(a) Transparent(b) Secretive6. Political and economic ties(a) British ties (b) German ties(c) Spanish ties7. Economic development(a) Developed economy(b) Developing economy(c) Underdeveloped economy
What will be an ideal response?
a, a, a, a, a, a, a
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If accounts receivable turnover is faster, this means that fewer days are required to collect receivables
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. According to equity theory, we compare what we get out of an endeavor to what we put into it and draw a conclusion as to the fairness of the ratio independent of external standards of comparison. 2. Employee empowerment can have unintended consequences. 3. Because financial incentives change behaviors, managers have to ensure the performance measures they use will focus employees on what they want to do. 4. Cash rewards are better than non-cash rewards for the organization because they fill the employees’ needs to pay off a bill or celebrate their achievement.
A manufacturer's total cost of making and finishing products in the period is called:
A. Ending work in process inventory. B. Cost of goods manufactured. C. Total manufacturing costs. D. Ending finished goods inventory. E. Cost of goods sold.
The __________ is an orderly compilation of the general common law of the United States, prepared by a distinguished group of lawyers, judges, and law teachers
a. statute of frauds b. Uniform Commercial Code c. Maxims d. Restatement of Law