Consistency requires
A) that the company use the same accounting procedures from period to period.
B) that the company use the same accounting procedures as other companies in the same industry.
C) that the company explain, in a note to the financial statements, the significant accounting policies used.
D) All of these choices.
A
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Developing a formal discipline process is a prime responsibility of the human resource department.
Answer the following statement true (T) or false (F)
Prior to the adjusting process, accrued revenue has
A) been earned and cash received B) been earned and not recorded as revenue C) not been earned but recorded as revenue D) not been recorded as revenue but cash has been received
As consumers become more informed about their options, the demand for
A. low-priced products has remained about the same. B. low-priced products has declined. C. low-priced products has grown. D. high-priced products has grown. E. high-priced products has declined.
Which of the following is not a characteristic of financial accounting?
A. Information is used primarily by internal parties. B. Financial reports are prepared according to GAAP. C. Information is objective, reliable, and historical. D. Reports are prepared periodically.