In the context of financial accounting, if a firm wants to introduce any significant changes in how it prepares its financial statements, _____.
A. it must first pay a fee to the CPA firm conducting its audit
B. it must get the changes preapproved from a district magistrate
C. it mustget approval for these changes from at least ten other firms working in the same sector
D. it must first clearly identify and describe these changes as per the generally accepted accounting principles (GAAP)
Answer: D
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The ideal goal in a business negotiation is for one side to win and the other side to lose.
Answer the following statement true (T) or false (F)
All computers are automated computing devices, and all automated computing devices are computers
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? With the approach of the end of this fiscal year, it has been recommended by our accountant that the monies allocated in the budget to capital equipment be used as soon as it is expedient. Therefore, as has been our practice in the past, we are requesting that each of you compile a comprehensive detailed list outlining your requests for new equipment that you may have put on the back burner, so to speak. It would be appreciated if you could provide this information to me by the first of next month so that I can begin to process all orders prior to the expiration of the fiscal year. It is anticipated that a multitude of requests will be simultaneously submitted by department heads; it is highly probable that requests for equipment will be processed in the order received and delayed requests may not be funded. I sincerely appreciate your cooperation in our efforts to upgrade some of our capital equipment. What will be an ideal response?