Promises made to charitable organizations that depend upon volunteer contributions are generally enforceable without consideration
Indicate whether the statement is true or false
T
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A pool cleaning service signs a contract with a new customer on May 1 . The pool is vacuumed and "shocked" for the customer on June 1, and the bill for the services is paid on July 1 . Under the accrual basis, the business should recognize revenue on:
a. December 31 b. July 1 c. June 1 d. May 1
A ______ is a training method that simulates a real-life situation to teach students what actions to take in the event that they encounter a similar situation on the job.
A. selection B. simulation C. competency D. reinforcement
In which of the following ways does SFAS No. 109 differ from its predecessors?
a. It allows for the discounting of deferred tax assets and liabilities. b. It has a comprehensive tax allocation orientation. c. It provides a more liberal recognition policy for deferred tax assets and tax-loss carryforwards. d. It has a revenue-expense (matching) orientation.
The lower-of-cost-or-market rule applies to the write-down of inventory values when market value exceeds cost. Why does this rule not allow for write-ups in inventory value?
A) Write-ups in inventory value are more uncertain than write-downs. B) The most prudent approach to preparing financial statements involves avoidance of pessimistic projections regarding the company's future prospects. C) Writing up inventory to market value would be inconsistent with the conservatism principle. D) Write-ups in inventory value are inconsistent with the matching principle.