How does the concept of uniformity relate to comparability in the accounting literature?
What will be an ideal response?
ANSWER:
In the accounting literature, the concept of uniformity appears to overlap with comparability. According to Sprouse, the term “comparability” is used to mean accounting for similar transactions similarly and for different circumstances differently. He sees comparability as both the process of accounting for circumstances in accordance with similarities or differences and the end result of comparing alternatives in order to make a decision. However, in the text, comparability is viewed only in the latter context, while uniformity is seen as the concept that influences comparability. The degree of comparability that users can rely on is directly dependent on the level of uniformity present in financial statements.
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Based on the market holding strategy, which of the following actions is the organization most likely to take to maintain its competitive advantage in the Asian countries? A) sell the product at a loss for a certain amount of time B) increase the price of its exported products C) accept lower margins to maintain competitive advantage D) shift manufacturing units to the target countries
The financing activities section of the statement of cash flows does not include any transactions or activities from the income statement but does take into account stockholders' equity
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. A standard cost system is an accounting system that uses standards for product costs. 2. Setting standard costs is a function of the company's production department and does not require input from other departments. 3. Standard costs are developed by the cooperative effort of purchasing, production, human resources, and accounting personnel. 4. Companies conduct time-and-motion studies and use benchmarks from other companies when developing standards. 5. Developing efficiency standards based on best practices is called benchmarking. An efficiency variance measures how well a company keeps unit costs of material and labor inputs within standards.
Consumers' names and additional information likely become part of ________ whenever they enter a sweepstakes, apply for a credit card, visit a Web site, or send a tweet
A) other consumers' contact lists B) telemarketers' lists C) their computer's cookie history D) a company's database E) the FTC's surveys regarding online privacy