Which of the following is a characteristic of the Financial Accounting Standards Board?
a. The FASB is composed of five members.
b. FASB members must come from CPA firms.
c. FASB members are part-time.
d. FASB members may retain their positions with previous employers.
A
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A material item is one that is likely to affect a user's decision
Indicate whether the statement is true or false
Luong Machines Company is evaluating an investment of $1,100,000 which will yield net cash inflows of $197,062 per year for 7 years with no residual value. What is the internal rate of return?
A) 5%
B) 6%
C) 7%
D) 8%
Which of the following depicts the correct progression of a case through the federal court system? I. Supreme Court II. Circuit Court of Appeals (one of twelve) III. U.S. District Court
a. I, II, III b. II, I, III c. III, II, I d. I, III, II
Because Sony has so many different product offerings in various types of electronics, management has found that it is helpful to use brands to keep track of products in each type. Thus, it has different brand names for its televisions, DVD players, and portable music players. Which company brand role does this example illustrate?
A. helping reassure the customer in the purchase decision B. offering legal protection for a product through trademark C. providing competitors with a benchmark against which to compete D. offering an effective and efficient methodology for categorizing products E. educating the customer about a product