There is a universal chart of accounts that is applicable to all businesses
a. True
b. False
Indicate whether the statement is true or false
False
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Most of the factors used to determine specific expense accruals for defined benefit pension plans are based upon actuarial assumptions and present values.
Answer the following statement true (T) or false (F)
Which of the following is true regarding the financial reporting entity of a state or local government?
A. Only a primary government is reported in the government-wide statements. B. A school district could never be a primary government. C. Many component units are discretely presented, rather than blended. D. Both Only a primary government is reported in the government-wide statements and a school district could never be a primary government are true.
Describe how the reporting of extraordinary items is a good example of the shift away from finite uniformity to rigid uniformity in accounting standards.
What will be an ideal response?
Assuming a company has a positive contribution margin, which of the following changes will cause net operating income to increase?
A) A decrease in variable costs. B) A decrease in the sale price C) An increase in total fixed costs. D) A decrease in the sales volume.