Which of the following statements is true?
A) GAAP requires that unconditional non-cancellable purchase obligations be accrued and reported as liabilities on the balance sheet.
B) Unearned revenues collected in advance should be classified as deferred credits on the balance sheet.
C) GAAP requires that footnote disclosures of future payments resulting from off-balance-sheet financing transactions be disclosed separately for only the next five years.
D) If a company sells goods and agrees to repurchase them at a specified price, both a sale and a current liability should be recorded if the requirements of GAAP are to be met.
C
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Answer the following statements true (T) or false (F)
It was in the 1940s that accounting policy-makers first responded to the lease accounting problem.
RIDDOR (1995) imposes which broad set of requirements on employers:
a. to report accidents and incidences of industrial diseases b. to prosecute employee contraventions of the legislation c. to pay compensation to injured parties d. to show evidence of remedial action to address health and safety problems
________ are typically older and less educated than other types of adopters, tend to be tied to tradition, and are not easily motivated by promotional strategies.
Fill in the blank(s) with the appropriate word(s).
An insurance policy must meet which of the following?
a. state statutory requirements for tort law b. federal statutory requirements for tort law c. common law requirements for contracts d. common law requirements for tort law