U.S. GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other. Which of the following is/are true?
a. Revenues and expenses result from the recurring, primary operating activities of a business.
b. Income items include the ordinary, recurring operating activities of the firm.
c. Gains and losses result from either peripheral activities or nonrecurring activities.
d. The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
e. all of the above
E
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Using the ________ level of the product hierarchy to market its soups, Campbell Soups feature the company name first, then the soup variety on their packaging
A) product class B) product-type C) need-family D) product-family E) product-line
There are fewer people in an online focus group than in a traditional focus group (Table 5.3 in the text)
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
The U.S. dollar orientation approach to the translation of foreign operations assumes that foreign currency denominated assets, liabilities, revenues, and expenses are measured in the foreign currency but are translated to U.S. dollars for reporting purposes.
Langston Company manufactures coats. Costs for February were as follows:Direct materials$19,650Direct labor15,210Factory insurance950Sales commissions4,700Corporate executive salaries5,500Factory supervisor salary3,500Indirect materials1,920Required: Calculate the total manufacturing cost for February.
What will be an ideal response?