Which of the following is not a criticism that has been aimed at ARS 1?
a. Some postulates appear to stem from one of the other postulate categories.
b. Self-evident postulates may not be sufficiently substantive to lead to a unique and meaningful set of accounting principles.
c. The postulates are necessary but not sufficient to lead to a viable outcome.
d. Postulates should have played a less passive role.
ANSWER: D
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The data presented below is for Craft, Inc for 2015. Credit sales during the year $2,100,000 Accounts receivable—December 31, 2015 295,000 Allowance for doubtful accounts—December 31, 2015 28,000 Bad debt expense for the year 17,000 What is the effect on liquidity when Craft records its estimate for bad debt expense using the allowance method?
a. Liquidity decreases b. Liquidity increases c. Liquidity stays the same d. Liquidity both increases and decreases
Unissued shares and treasury stock must be counted to see if a quorum exists
a. True b. False Indicate whether the statement is true or false
Refer to the scenario above. What is the theoretical minimum number of stations that will be used if the line is balanced using the appropriate takt time?
A) 3 B) 4 C) 5 D) 6
Which of the following statements about coverage for loss of use (Coverage D) under the Homeowners 3 policy is true?
A) If a covered loss makes the home unfit for living, the insurer pays additional living expenses the insured may incur as a result of the loss. B) The duration of payments for additional living expenses is limited to a maximum of 30 days. C) There is no coverage for loss of rent if an insured peril makes the part of the premises rented to others uninhabitable. D) There is coverage for loss of business income if an insured peril forces a home business to be terminated.