Which of the following is not an authoritative pronouncement of International Financial Reporting Standards (IFRSs)?
A. International Accounting Standards issued by the IASC and adopted by the IASB
B. Interpretations issued by the International Financial Reporting Interpretations Committee (IFRICs)
C. International Financial Reporting Standards issued by the IASB
D. Interpretations issued by the Standing Interpretations Committee (SICs) and adopted by the IASB
E. International Accounting Principles
Answer: E
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Wages Payable were $350 at the end of October and $280 at the end of November. Wages Expense for November was $1,800 . How much cash was paid for wages during November?
a. $1,730 b. $2,430 c. $1,870 d. $1,170
Explain how, given the cash flow on the simulated interest-rate paths, the average life of a RMBS is determined
What will be an ideal response?
A buyer and seller have been doing business for months without a formal contract. Every Monday, the seller delivers supplies to the buyer's business. Every Thursday, the buyer pays the invoice by mail. Is there a contract between the parties?
a. in jurisdictions where the offer-acceptance rule is rigidly applied there is a contract under both the UCC and the common law of contracts b. in jurisdictions where the offer-acceptance rule is rigidly applied there is no contract under either the UCC or the common law of contracts c. under the UCC, a contract has been formed by the conduct of the parties d. under the UCC, there is no contract formed because the delivery of supplies is a service, not a good e. under the UCC there is no contract, but there is a quasi-contract under the common law
When determining the guaranteed payment, which of the following statements is correct?
A) If the distributive share is less than the guaranteed minimum amount, the guaranteed payment is equal to the difference between the distributive share and the guaranteed minimum amount. B) If the distributive share is greater than the guaranteed minimum amount, the guaranteed payment is equal to the difference between the distributive share and the guaranteed minimum amount. C) Guaranteed payments are payments determined with regard to the partnership income. D) The distinction between guaranteed payments and distributive shares is clear in practice.