Explain why ethics are an integral part of accounting.
What will be an ideal response?
The purpose of accounting is to provide useful information for decision makers. For information to be useful, it must be trusted. This requires ethical behavior by accountants and managers in all phases of gathering, analyzing and reporting financial information so that good decisions are made.
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A corporation must recognize a valuation allowance if, based on available evidence, it is more likely than not that a deferred liability will not be realized
Indicate whether the statement is true or false
What is the range for the shadow price for assembly?
What will be an ideal response?
Firms that focus on ______ often locate their facilities in reasonable proximity to the new market that they are planning.
a. accessing materials and resources b. lowering the firm’s cost c. growing the firm’s business d. developing innovative products
Defective, damaged, or otherwise unsuitable merchandise that is returned to the seller is referred to as purchase allowances by the purchaser
Indicate whether the statement is true or false