Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit organizations are set by the Financial Accounting Standards Board.
Answer the following statement true (T) or false (F)
True
The Financial Accounting Standards Board (FASB) sets standards for private not-for profits and investor-owned businesses.
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Which of the following is true of an FAS (free alongside) contract?
A. It is not accompanied by the name of a specific vessel or port. B. It does not include maritime contracts. C. The seller must deliver the goods alongside the vessel at his or her own risk and expense. D. The seller must deliver the goods alongside the vessel at the buyer's risk and expense.
When evaluating the quality of accounting information the user should consider the _____________________________________________ of the measurements made
Fill in the blank(s) with correct word
A company uses a two-variance analysis for overhead variances, flexible-budget and production-volume. The production-volume variance is the difference between the factory overhead applied at standard and:
a. Total factory overhead per the flexible budget. b. Actual factory overhead incurred. c. Total factory overhead per the master budget. d. Fixed overhead incurred.
The potential for channel conflict (due to the high power of a retailer relative to a manufacturer) is greatest in which form of distribution?
a. dual distribution b. selective distribution c. exclusive distribution d. intensive distribution