The FASB, GASB, and FASAB all focus their standards on both internal and external financial reporting.
Answer the following statement true (T) or false (F)
False
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May an accountant plan and perform an engagement to compile or review the financial statements of a not-for-profit entity if the accountant is unfamiliar with the specialized industry accounting principles?
A. Neither a compilation nor a review could be performed without the specialized knowledge. B. Only a review could be performed without the specialized knowledge. C. Both a compilation and a review could be performed without the specialized knowledge. D. Only a compilation could be performed without the specialized knowledge.
________ segmentation focuses on why people buy what they buy.
A. Occasion B. Benefits sought C. Usage rate D. Demographic E. Social class
Corporation A decides to borrow $1,000,000 and use the money to buy back $1,000,000 of its
common stock. The corporation pays 6% interest on its borrowed funds which exactly equals the amount of the dividend it used to pay on the common stock it repurchased. Therefore, A) Corporation A's net income will increase due to the tax deductibility of interest expense. B) Corporation A's gross profit will decrease. C) Corporation A will have no change in its operating income since the interest expense exactly offsets the prior dividend payment. D) Corporation A's operating income will decrease due to higher interest expense.
The overall goal for the buyer is to choose the order quantity that will minimize total annual cost, which is ______.
a. the sum of the yearly holding, ordering, and purchase costs b. the sum of the yearly holding and ordering, less purchase costs c. the sum of the yearly holding, ordering, and purchase costs less quantity discounts d. the sum of the yearly holding, ordering, less quantity discounts