Which of the following is not true concerning the FASB and the IASB conceptual frameworks?
a. Both the FASB and the IASB rely on a conceptual framework to guide their standard-setting decisions.
b. The conceptual framework is not a rigorous set of principles from which standard setters can logically deduce appropriate financial reporting standards.
c. The purpose of a conceptual framework is to guide standard-setting decisions in order to enhance the quality and consistency of those decisions.
d. The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar.
e. The two standard-setting bodies are refusing to develop a common conceptual framework for financial reporting.
E
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Twin Cities Corp had sales during the year of $15,000,000 and an average accounts receivable of $5,000,000 . Its accounts receivable turnover ratio is 0.33 times
a. True b. False Indicate whether the statement is true or false
Suppose that you are investigating the market for aluminum. The price of steel?, a substitute? good, has decreased. Which of the following would best describe the market reaction to this? event?
A. The supply of steel increases since steel firms must produce more steel to make up for the price decrease. B. The demand for aluminum ?decreases, which creates a surplus of aluminum?, causing the price of aluminum to decrease. C. The demand for aluminum ?decreases, creating a shortage and forcing the price of aluminum to increase. D. The supply of aluminum decreases since the price of steel decreases.
Which of the following is NOT an advantage of video interviews?
a. They make better use of a recruiter's valuable time. b. They screen out applicants who cannot work under pressure. c. They allow students who may have financial constraints to meet with large companies. d. They eliminate the need for face-to-face interviews.
Which company is expecting to gain the majority of its returns on new investments?
A. General Motors B. Sears Roebuck C. Dell Computer D. Phillips Petroleum