Answer the following statement(s) true (T) or false (F)
After the operating budget has been prepared, an entrepreneur can proceed to the next phase of the budget process, which is the cash-flow budget.
ANSWER: True
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XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans.
Answer the following statement true (T) or false (F)
Which of the following is the appropriate entry to record the declaration of cash dividends?
a. Dividends Payable – Debit; Cash – Credit b. Additional Paid-in Capital – Debit; Dividends Payable – Credit c. Dividends– Debit; Dividends Payable – Credit d. Retained Earnings– Debit; Cash – Credit
Because short-term interest rates are much more volatile than long-term rates, an investor would, in the real world, be subject to much more interest rate price risk if he or she purchased a 30-day bond than if he or she bought a 30-year bond.
Answer the following statement true (T) or false (F)
All of the following statements regarding accounting for influential securities under U.S. GAAP and IFRS are true except:
A. U.S. GAAP companies commonly refer to noncontrolling interests in consolidated subsidiaries as minority interests whereas IFRS companies use noncontrolling interests. B. Under the equity method, the share of investee's net income is reported in the investor's income in the same period the investee earns that income. C. Under the consolidation method, nonintercompany assets and liabilities are combined (eliminating the need for an investment account). D. Under the consolidation method, investee and investor revenues and expenses are combined. E. Under the equity method, the investment account equals the acquisition cost plus the share of investee income plus the share of investee dividends.