Answer the following statements true (T) or false (F)
The FASB took an enormous step in SFAS No. 106 by requiring the recognition and measurement of OPEB costs and obligations.
ANSWER: T
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Poweroxi Inc. produces rocket propellant fuel that is used in space shuttles. NASA is an agency that requires rocket propellant fuel to send its rockets to space. NASA enters into a contract with Poweroxi Inc. to purchase all of the propellant fuel it will need that year from Poweroxi. Which of the following conditions would constitute a breach in? contract?
A) if Poweroxi sold to another purchaser
B) if Poweroxi sold to another purchaser at a lower price
C) if NASA purchased fuel from another seller
D) if NASA stopped purchasing from Poweroxi due to lack of need
Which of the following would be classified as external users of financial statements?
a. Stockholders and management of the company b. The controller of the company and a company's stockholders c. The company's marketing managers d. The creditors and stockholders of the company
The specific identification method of inventory costing
a. eliminates all opportunity for profit manipulation. b. matches the flow of recorded costs with the physical flow of goods. c. can be used only with a perpetual inventory system. d. is a violation of generally accepted accounting principles.
Explain the difference between cost-plus and markup pricing.
What will be an ideal response?