Answer the following statements true (T) or false (F)
The eight (8) statements making up the conceptual framework establish generally accepted accounting principles.
ANSWER: F
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Avey Corporation had $275,000 in invested assets, sales of $330,000, income from operations amounting to $49,500 and a desired minimum rate of return of 7.5%. The rate of return on investment for Avey Corporation is:
A) 8% B) 10% C) 18% D) 7.5%
A(n) ________ exists if both parties know the object of the contract but are mistaken as to its value.
A. mutual mistake of a material fact B. mutual mistake of value C. innocent misrepresentation D. unilateral mistake
The more realistic reinvestment rate assumption, the required rate of return, is implicit in the _____.
A. payback period method and the discounted payback period method B. internal rate of return (IRR) method and the modified internal rate of return method (MIRR) C. modified internal rate of return method (MIRR) and the discounted payback period method D. discounted payback period method and the net present value (NPV) method E. net present value (NPV) method and the modified internal rate of return method (MIRR)
Planning values are used in bottom-up planning, but cannot be used in top-down planning
Indicate whether the statement is true or false.c