Substantial performance, such as delivering 98 percent of the goods ordered, is generally not considered acceptable, and so is a breach of contract
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following indicators relating to lease capitalization is an example of IFRS criteria being more principles-based than GAAP with respect to lease accounting?
A) The title must transfer to the lessee at the end of the lease term. B) The present value of the payments must be at least 90% of the fair value of the asset. C) The lease term must be a major part of the economic life of the asset. D) The lease agreement must contain a bargain purchase option.
A public policy reason for imposing strict product liability on all in the chain of distribution is:
A) Consumers should be able to choose dangerous products if they want to. B) These parties are able to insure against product liability costs. C) These parties should be punished for putting dangerous products on the market. D) Negligence was making it too easy for plaintiffs to recover.
A(n) ________ involves timing a sample of a worker's performance and using it as a basis for setting a standard time
Fill in the blanks with correct word
Match each term associated with accrual-basis and cash-basis accounting with its most appropriate description.
A. Cash basis revenue B. Accrual-basis expense C. Accrual-basis revenue D. Cause-and-effect E. Revenue recognition principle F. Cash-basis expense