Because of the nature of their businesses, professional service companies do not need to make adjusting entries before making their closing entries
Indicate whether the statement is true or false
F
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All of the following statements are true except:
a. IFRS requires that estimates of residual value and the life of the asset be reviewed at least annually and revised if necessary. b. The FASB standards do not have a specific rule that requires residual value and asset life to be reviewed annually. c. IFRS does not have a specific rule that requires residual value and asset life to be reviewed annually. d. The FASB generally requires operating assets to be recorded at acquisition cost, less depreciation, and the assets' values are not changed to reflect their fair market values or selling prices.
Sheila offers to pay $30,000 for a new car, but the salesman wants $32,000. The salesman offers to throw in a premium sound system with a value of $1,500 and charge her $31,500. Sheila values the sound system enough to feel that this is a good deal. Sheila and the salesperson used which form of conflict management?
A. compromise B. collaboration C. competition D. avoidance
The process of allocating the cost of a plant asset to expense in the accounting periods benefiting from its use is called depletion.
Answer the following statement true (T) or false (F)
____ is present whenever products have different consumption ratios for different overhead activities
A) Volume costing B) Activity based costing C) Product diversity D) Allocable costing E) None of these