Answer the following statements true (T) or false (F)
Harmonization of accounting standards refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting.
ANSWER: T
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If a tariff and an import quota lead to equivalent increases in the domestic price of steel, then
a. the quota results in efficiency reductions but the tariff does not. b. the tariff results in efficiency reductions but the quota does not. c. they have identical impacts on how much is produced and consumed. d. they have identical impacts on how income is distributed.
Briefly describe four benefits that a strong brand can provide for a company
What will be an ideal response?
How do ethical principles apply to businesses?
A. They chiefly deal with the actions and behaviors required to operate companies in a socially responsible manner. B. They are generally more stringent than the ethical principles for society at large. C. They are not materially different from ethical principles in general. D. They chiefly deal with the rules each company's top management and board of directors make about "what is right" and "what is wrong." E. They are generally less stringent than the ethical principles for society at large.
Spice Company issued $200,000 of 10 percent first mortgage bonds on January 1, 20X4, at 105. The bonds mature in 10 years and pay interest semiannually on January 1 and July 1. Pumpkin Corporation purchased $140,000 of Spice's bonds from the original purchaser on December 31, 20X8, for $125,000. Pumpkin owns 75 percent of Spice's voting common stock.Based on the information given above, what amount of premium on bonds payable will be eliminated in the preparation of the 20X8 consolidated financial statements?
A. $2,500 B. $5,000 C. $2,800 D. $3,500