Which of the following statements regarding Standards contained in the FASB Accounting Standards Codification (ASC) is true?
A) They have the force of law, and failure to follow them can be prosecuted.
B) They apply to financial reporting by all U.S. companies.
C) They were created in 2009 when the ASC was created and did not exist prior to that time.
D) They have to be approved by the SEC before they become effective.
B
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If the maker of a note refuses or is unable to pay or renew it at maturity, the note is said to be dishonored
a. True b. False Indicate whether the statement is true or false
Bad Debt Expense is also called
a. the Provision for Bad Debts and the Provision for Uncollectible Accounts. b. the Provision for Bad Debts, only. c. the Provision for Uncollectible Accounts, only. d. the direct write-off method, only. e. the indirect write-off method, only.
For the past six months, Julia has been using her video arcade as a front to operate a series of illegal gambling operations. She stays out of trouble by paying local law enforcement officials a certain amount of money every week
Julia is violating the ________. A) Racketeer Influenced and Corrupt Organizations Act B) Sarbanes-Oxley Act C) False Claims Act D) Homeland Security Act
Which of the following countries has the lowest union density rate?
A. United Kingdom B. United States C. Canada D. Sweden