A company that makes shampoo wants to test whether the average amount of shampoo per bottle is 16 ounces
The standard deviation is known to be 0.20 ounces. Assuming that the hypothesis test is to be performed using 0.10 level of significance and a random sample of n = 64 bottles, which of the following would be the upper tail critical value?
A) 1.28
B) 1.645
C) 1.96
D) 2.575
B
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All of the following statements are true except:
a. IFRS uses net realizable value with no upper or lower limits imposed. b. Both U.S. GAAP and international financial reporting standards (IFRS) require the use of the lower-of-cost-or-market rule to value inventories. c. Write-downs of inventory can be reversed in later periods under U.S. GAAP. d. U.S. GAAP defines market value as replacement cost.
Often cited reasons for using off-balance-sheet financing include that this accounting technique
a. lowers the cost of borrowing and is inexpensive. b. lowers the cost of borrowing because borrowers already provide the correct information for reporting purposes. c. lowers the cost of borrowing and avoids violation of debt covenants. d. simplifies contracts and improves cash flows. e. simplifies contracts and lowers the cost of borrowing.
The IRCA applies to foreign companies who employ people in the U.S
Indicate whether the statement is true or false
Under what condition is the direct write-off method acceptable under GAAP?
What will be an ideal response?