The duty of care that each of us must follow is to behave as a reasonable person
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following statements is true?
A) Funding for postretirement health care benefits is legally required, and contributions are tax deductible. B) Funding for postretirement health care benefits is legally required, but contributions are not tax deductible. C) Funding for postretirement health care benefits is not legally required, and contributions are not tax deductible. D) Funding for postretirement health care benefits is not legally required, but contributions are tax deductible.
Each of the following statements is justified by a concept or convention of accounting. Write the letter in the blank next to each statement corresponding to the concept or convention involved. a. Consistency d. Full disclosure b. Materiality e. Cost-benefit c. Conservatism _____ 1. This convention best enhances comparability of financial statements between years. _____ 2. A merger agreed on just
after the balance sheet date nevertheless is reported in the notes to the financial statements. _____ 3. A company forgoes hiring another full-time accountant, which would add only slightly to the financial statements' accuracy. _____ 4. A company uses lower-of-cost-or-market to value inventory. _____ 5. A large company rounds its financial statement figures to the nearest $10,000. Fill in the blank(s) with correct word
_______________ confirmation is when the service provided was better than expected
a. Negative b. Neutral c. Positive d. Potential e. Unexpected
Franchisors generally receive revenues from franchisees from all of the following except _____
a. initial franchise fee b. quality control fee c. percent of gross sales royalty fee d. sale of goods and services to franchisee