The eight phases of the joint FASB and IASB framework project are: 1 ) objective and qualitative characteristics, 2 ) elements and recognition, 3 ) presentation and disclosure, 4 ) reporting entity, 5 ) measurement, 6 ) framework for GAAP hierarchy, 7 ) applicability to the not-for-profit sector, and 8 ) any remaining issues needing to be addressed
Indicate whether the statement is true or false
True
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Rather than adjusting to a buyer's style, flexing infers that a salesperson should match the needs and preferences of the buyer to maximize effectiveness.
Answer the following statement true (T) or false (F)
A company provided $12,000 of consulting services on account. The customer promises payment in 30 days. Identify the journal entry below that properly records this transaction.
A.
| Accounts Payable | 12,000 | |
| Consulting Services Revenue | 12,000 |
B.
| Accounts Receivable | 12,000 | |
| Consulting Services Revenue | 12,000 |
C.
| Accounts Payable | 12,000 | |
| Cash | 12,000 |
D.
| Consulting Services Revenue | 12,000 | |
| Cash | 12,000 |
E.
| Cash | 12,000 | |
| Consulting Services Revenue | 12,000 |
A manufacturer reports the following information below for its first three years in operation. Year 1 Year 2 Year 3Income under variable costing$76,000 $109,000 $115,000Beginning inventory (units) 0 800 500Ending inventory (units) 800 500 0Fixed manufacturing overhead per unit$8.00 $8.00 $8.00Income for year 2 using absorption costing is:
A. $117,000. B. $109,000. C. $111,000. D. $106,600. E. $115,000.
Reconstruction Building Services receives a discharge in bankruptcy, even though some creditors hold judgments on overdue debts against it and others filed actions to collect on overdue debts before the bankruptcy. Reconstruction's discharge will
A. absolve the liability of any co-debtors. B. permit the debtor to enter into reaffirmation agreements. C. allow the debtor to file a petition for a reorganization. D. prohibit actions and void judgments regarding overdue debts.