Which of the following accounting principles best describes the rationale for reporting a liability for earned but unused compensated absences?
a. Historical cost
b. Full disclosure
c. Materiality
d. Matching
D
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Balance sheet and income statement data indicate the following: Bonds payable, 10% (due in two years) $1,000,000 Preferred 5% stock, $100 par (no change during year) 300,000 Common stock, $50 par (no change during year) 2,000,000 Income before income tax for year 550,000 Income tax for year 80,000 Common dividends paid 50,000 Preferred dividends paid 15,000 Based on the data presented above, what
is the number of times bond interest charges were earned (round to one decimal point)? a. 1.5 b. 6.4 c. 6.5 d. 5.5
A good starting point for any pricing method is to develop a price based on the cost of producing the good or service
Indicate whether the statement is true or false
Managers need to recognize ways customers and other publics perceive their company because
A) messages shared by employees with the public have considerable impact on marketing. B) most consumers do not trust private firms and the products they sell. C) firms are obligated to report MPR information annually to the SEC. D) a company's commitment to public relations determines the size of its advertising budget. E) consumers will generally not share their feelings about a company or its products.
The term International Financial Reporting Standard (IFRS) refers to:
a. the new numbered series of pronouncements that the IASB is issuing. b. the entire body of IASB pronouncements, including International Accounting Standards issued between 1973 and 2001. c. both a and b. d. none of the above.