All of the following are types of reference groups EXCEPT:
A. primary
B. secondary
C. personal
D. aspirational
E. nonaspirational
Answer: C
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Which of the following statements is not true?
a. A review of financial statements, including the notes, will indicate how conservative the statements are in regard to accounting policies. b. Accounting policies that result in the slowest reporting of income are the most conservative. c. When a firm has conservative accounting policies, it is said that its earnings are of high quality. d. Under inflationary conditions, the least conservative inventory method is fifo. e. Conservative accounting policies always result in the lowest reported income for any given period of time.
Which of the following is correct with regard to an accountant's contractual liability?
a. An accountant is bound to perform all the duties she explicitly agrees to perform. b. An accountant implicitly agrees to perform a contract in a competent and professional manner. c. An accountant who breaches his contract with a client may also be liable to a third party intended beneficiary. d. All of these are correct.
The least common type of lag relationship occurs when a successor's finish is dependent upon a predecessor's start
Indicate whether the statement is true or false
The successful plaintiff in a court trial is referred to as a "judgment debtor."
Indicate whether the statement is true or false.