The members of the Financial Accounting Standards Board (FASB) can be reappointed to serve two additional terms after the completion of their first term.
Answer the following statement true (T) or false (F)
False
The FASB consists of seven members appointed by the Financial Accounting Foundation. Each member serves a five-year term and can be reappointed to serve one additional term. See 8-2: Financial Accounting: Intended for Those on the outside Looking In
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A plan is defined as the act of setting a goal and accomplishing it.
Answer the following statement true (T) or false (F)
The installment method of recognizing revenue
a. should be used only in cases in which no reasonable basis exists for estimating the collectibility of receivables. b. is not a generally accepted accounting principle under any circumstances. c. should be used for book purposes only if it is used for tax purposes. d. is an acceptable alternative accounting principle for a firm that makes installment sales.
Prinkle Corporation purchased equipment for $60,000 on January 1, 2016. On December 31, 2018, the equipment was sold for $28,000. Accumulated Depreciation as of December 31, 2018 was $31,000
Calculate gain or loss on the sale. A) $1,000 gain B) $1,000 loss C) $31,000 loss D) no gain no loss
The single most important event in the historical foundation of the behavioral study of employees was the _________________________.
Fill in the blank(s) with the appropriate word(s).