Civil claims begin when one party files a complaint against another, usually for the purpose of:
a. having a penalty imposed.
b. sending the perpetrator to prison.
c. proving the perpetrator guilty.
d. being awarded financial restitution.
d
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Incorrect.
d. Correct.
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Why is the time period assumption required?
a. Inflation exists b. External users of financial statements want statements that accurately reflect net income or earnings for a specific time period. c. The dollar is the monetary unit in the United States. d. The federal government requires it.
A variance represents the difference between a budgeted and an actual cost. Thus, the variance measures
a. only controllable cost differences. b. only uncontrollable cost differences. c. both uncontrollable and controllable cost differences. d. the effectiveness of management.
Which agency issues pronouncements that are guidelines for accounting practice?
A) GAAP B) SEC C) FASB D) IRS
The prioritization of projects in a portfolio should consider whether the demands of performing each project are clearly understood
Indicate whether the statement is true or false