The manufacturer of a subcomponent of a product cannot be sued if the product is defective and
causes an injury.
Indicate whether the statement is true or false
TRUE
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SFAS No. 123 was issued as a compromise to the FASB's original position regarding stock options as it:
A. allowed companies to choose either the APB No. 25 approach or expense the fair value of the options. B. abandoned any reference to recognition of expense for options. C. required companies to measure the fair value of stock options and charge this to expense. D. required companies to continue following the approach used in APB No. 25.
When a foreign entity has the foreign currency as its functional currency, it uses which exchange rate to translate revenues and expenses in the income statement?
a. the average exchange rate during the period b. the end of the period exchange rate c. the historical exchange rate d. the exchange rate on the date the asset or liability was obtained
Under U.S. GAAP, firms recognize restructuring costs when the firm has committed to and approved a restructuring plan that management will control
Indicate whether the statement is true or false
A fax that arrives with no information regarding where or to whom it should be directed is called a ______________ transmission
a. lost b. reverse c. headless d. dead