List and define the four standards for evaluating accounting that are at the heart of ASOBAT.
What will be an ideal response?
ANSWER:
The four standards at the heart of ASOBAT are:
(1) Relevance pertains to usefulness in making the decision at hand.
(2) Verifiability is synonymous with objectivity and refers to the degree of statistical consensus among measurers.
(3) Freedom from bias refers to neutrality in the preparation of financial statements.
(4) Quantifiability refers to the ability to be measured.
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______ is the process of monitoring progress and taking corrective action when needed to ensure that objectives are achieved.
a. Strategic planning b. Progress management c. Controlling d. Alignment
Which of the following stages are not associated with a literature review?
a) Clarify a research idea b) Establish theoretical roots of a study c) Develop a research methodology d) To understand various aspects of your practice
In concluding that the emerging field of action science may need to be followed, Burke referred to a 2016 discussion dealing with the issues of normal science versus applied/action research. In the panel presentation at the annual meeting of the Academy of Management, what was the conclusion?
What will be an ideal response?
White Company budgeted for $200,000 of fixed overhead cost and volume of 40,000 units. During the year, the company produced and sold 39,000 units and spent $210,000 on fixed overhead.The fixed overhead cost spending variance is:
A. $5,000 favorable. B. $10,000 unfavorable. C. $5,000 unfavorable. D. $10,000 favorable.