Which of the following represents the principal theoretical issue underlying quarterly data?
a. Whether an interim period should be viewed as a separate period standing on its own.
b. Whether an interim period report should include balance sheet and cash flow statements.
c. Whether quarterly earnings should be disaggregated by segments in terms of revenues, profit or loss, and segment assets.
d. Whether interim reports should include income statement data and basic and fully diluted earnings per share numbers.
ANSWER: A
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Indicate whether the statement is true or false
Harry finds an old stereo in his attic. He sells the stereo to Jake for $50 telling him that it is fully functional, which Jake thinks is true. However, it turns out to be broken. Which of the following statements is true in this context?
A) Jake can sue Harry for fraud in the inducement. B) Jake cannot rescind the deal but can sue Harry for fraud by concealment. C) Jake can sue Harry for innocent misrepresentation. D) Jake can rescind the deal but cannot sue Harry for innocent misrepresentation.
Managerial accounting is different from financial accounting in that:
A. Managerial accounting never includes nonmonetary information. B. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. C. Managerial accounting is mainly used to set stock prices. D. Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. E. Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors.
A statute of repose cuts off the right to assert a product liability action
a. True b. False Indicate whether the statement is true or false