Answer the following statements true (T) or false (F)
The APB was the first to successfully derive an underlying framework of postulates and principles.
ANSWER: F
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When the ownership percentage of stock exceeds 20 percent but is less than 50 percent, GAAP presumes that the investor:
A. has no influence to exert over the investee company. B. is trying to take over the investee company. C. is only investing for a short-term trading position. D. is able to exert influence over the investee company.
U.S. GAAP requires firms holding debt and equity securities, as well as derivatives, as trading securities to value the securities on the balance sheet after acquisition at
a. an amount based on acquisition cost. b. market value, with changes in market value of securities held at the end of the accounting period reported each period in income. c. market value, with changes in market value of securities held at the end of the accounting period not affecting reported income until the firm sells, or otherwise disposes of, the securities. d. present value of future cash flows, with changes in present value of future cash flows of securities held at the end of the accounting period reported each period in income. e. present value of future cash flows, with changes in present value of future cash flows of securities held at the end of the accounting period not affecting reported income until the firm sells, or otherwise disposes of, the securities.
The most logical organization for analytical and recommendation reports is by
A) Using an outline B) Criteria C) Presenting ideas D) Offering a thesis
Barbara owes Arturo $2,000. On July 1, Arturo assigns the debt to Charles. Thereafter on July 15, Arturo assigns the same right to Dennis, who in good faith gives value for it and knows nothing about the first assignee. Dennis immediately notifies Barbara of the assignment. Under:
A) all of the rules, Charles has priority since he was the first assignee in time. B) the majority rule, Dennis has priority. C) the English Rule, Dennis has priority. D) the English Rule, Charles has priority.