Working capital is the excess of a company's current liabilities over current assets
Indicate whether the statement is true or false
F
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Uichiro Niwa, former president of Japan's ITOCHU Corp, took steps to ensure that more of the trading company's $115 billion in annual transactions were conducted online
He also radically changed the way he communicated with employees and began relying more on e-mail, a practice that until recently was virtually unknown in Japan. Indicate whether the statement is true or false
FASB's concept of comprehensive income
a. excludes transactions that involve the payment of dividends. b. requires that all transactions must be shown on the income statement. c. has a primary drawback because it allows management to manipulate the income figure to a certain extent. d. allows items that are not necessarily under management's control, such as natural disasters, to be shown as an adjustment of retained earnings.
Inaccuracies in ledgers represent which type of fraud symptom?
a. Internal control weaknesses b. Analytical anomalies c. Accounting anomalies d. Financial statement weaknesses
Notes to the financial statements provide additional information about income tax expense and deferred tax assets and deferred tax liabilities. Firms report which of the following?
a. components of income before income taxes b. components of income tax expense c. reconciliation from statutory to effective tax rate d. components of deferred tax assets and liabilities e. all of the above