Which of the following statements about a situation analysis is FALSE?
A. A situation analysis may involve informal discussions with knowledgeable people.
B. A situation analysis is mainly a study of new information that is not already available.
C. A situation analysis may help educate a researcher who is dealing with an unfamiliar subject.
D. A situation analysis should include finding relevant secondary data.
Answer: B
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An accountant is uncertain about the best estimate of an amount for a business transaction. If two amounts are about equally likely, the amount least likely to overstate assets and income is selected. Which of the following qualities is characterized by this action?
a. Comparability b. Conservatism c. Materiality d. Neutrality
Which of the following statements is true of a court trial?
A. All civil cases are tried with a jury. B. The judge is the trier of fact in a jury trial. C. A jury is not required in a trial unless both parties request one. D. Prospective jurors are questioned by lawyers for each party.
A change to just-in-time manufacturing expands mainly the role of the
a. cost accountant. b. machine operator. c. purchasing manager. d. quality control inspector.
To maintain the balance sheet equality, it is necessary to report every event and transaction in a dual manner. If a transaction results in an increase in the left hand side of the balance sheet, dual transactions recording requires that which of the following must occur, to maintain the balance sheet equation?
a. decrease another asset b. increase a liability c. increase shareholders equity d. all of the above will maintain the balance sheet equation e. none of the above