Standard costs serve as a device for measuring efficiency
Indicate whether the statement is true or false
True
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Which of the following statements is not correct?
a. A change from an inappropriate accounting principle to a proper one should be accounted for as an accounting error. b. A change from an inappropriate accounting principle to a proper one should be accounted for as a change in accounting principle. c. A change from an inappropriate accounting principle to a proper one should be accounted for retrospectively. d. A change from an inappropriate accounting principle to a proper one may require an adjustment to beginning retained earnings for the earliest year reported.
Answer the following statements true (T) or false (F)
1. When valuing intangible property, all of the intangible assets are included in the calculation. 2. Fair market value is the value at which an asset will change hands when the exchange is between a willing buyer and a willing seller when neither is acting under compulsion and both have a reasonable knowledge of relevant fact. 3. The longer the forecast period, the more accurate will the forecast be. 4. Intangible property cannot be valued. 5. The Weighted Average Cost of Capital (WACC) can be used to discount all of the firm’s cash flows.
Carl was dealing with a difficult employee problem. Doubting that he can remain objective in the situation, Carl asks Andrei to help him resolve the situation. It appears Carl is using the _________ ethical approach.
A. Golden Rule B. four-way test C. stakeholders’ approach D. discernment and advice
The Scribners purchased property on which they subsequently discovered there was barium contamination that resulted from former land ownership by Jasco-Sun Steel. The Scribners were unable to sell their property, but the valuation for tax purposes remained the same following the barium discovery. Which of the following is correct?
A)?Environmental contamination is not used in property valuation. B)?Environmental contamination is not used in property valuation when the landowner is not responsible. C)?Environmental contamination is a factor in valuation. D)?None of the above