Answer the following statement(s) true (T) or false (F)
1. The Financial Accounting Standards Board developed GAAP.
2. A basic understanding of accounting principles is an essential business tool.
3. Financial accounting information is mainly used by internal decision makers.
4. The Securities Act of 1933 created the Securities and Exchange Commission.
5. Annual registration statements filed by corporations with the SEC are known as Form 10-K reports.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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Testing depreciation calculations for a sample of property, plant, and equipment tests the assertion of:
A. valuation and allocation. B. completeness. C. rights and obligations. D. existence.
Treasury stock is issued but not outstanding
a. True b. False Indicate whether the statement is true or false
Under the FTC's Used Car Rule the Buyer's Guide need NOT contain:
a. a statement of the terms of any warranty offered with the car b. prominent statement of whether the dealer is selling the car "as is" and, if so, that the consumer must pay for any repairs needed after buying the car c. warning that oral promises are difficult to enforce, with a suggestion to get all promises in writing d. a suggestion that the consumer ask for an independent inspection of the car e. all of the other choices are required
The median is a measure of
a. relative dispersion b. absolute dispersion c. central location d. relative location