A reversing entry ________
A) is required by GAAP
B) is dated the last day of an accounting period
C) exactly resembles the prior adjusting entry prepared in the books
D) switches the debit and the credit of a previous entry
D
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Which of the following accounting changes is always accounted for prospectively?
A. change in accounting estimate B. change in reporting entity C. change in accounting principle D. correction of an error
Which amortization method should be used for intangibles that are amortized?
A) a method based on the expected pattern of benefits to be produced by the asset B) a method based on an annual review for impairment C) the straight-line method; all others are inappropriate D) any method is appropriate
It is important to surround ourselves with the right people if:
a. we know ourselves and we know what we are striving towards b. we know what we are striving towards c. we know what we believe in and what we are striving towards d. we know what we believe in, what we are striving towards, and know ourselves
The doctrine of international standard of care states that ________
A. a state must treat aliens the same way that it treats its own nationals B. a state is responsible for injuring an alien when the state's conduct violates international norms C. a state is responsible for the actions of its nationals present in other countries D. a state is obliged to admit aliens into its territories freely