Which of the following is NOT a short-term convergence topic that the FASB must address in order to eliminate the reconciliation of accounts prepared under different sets of standards of different countries?
a. Segment reporting
b. Accounting for income taxes
c. Accounting for research and development costs
d. Accounting for the impairment of assets
A
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Performance standards are derived from _____________ that were set while developing the marketing strategy.
A. marketing objectives B. core competencies C. marketing goals D. marketing costs E. market opportunities
An organization claiming to act in good faith under Equal Pay Act need not show objective reason for its belief that it was acting legally as it is not considered as evidence in the court of law
Indicate whether the statement is true or false
Lennox Corporation has provided the following information concerning a capital budgeting project: Investment required in equipment$80,000 Expected life of the project 4 Salvage value of equipment$0 Annual sales$200,000 Annual cash operating expenses$150,000 One-time renovation expense in year 3$20,000 The company's tax rate is 30%. The company's after-tax discount rate is 8%. The project would require an investment of $20,000 at the beginning of the project. This working capital would be released for use elsewhere at the end of the project. The company uses straight-line depreciation on all equipment.The total cash flow of income in year 2 is:
A. $50,000 B. $41,000 C. $30,000 D. $26,000