The field of accounting that reports according to generally accepted accounting principles (GAAP) is called:
A. responsibility accounting.
B. financial accounting.
C. managerial accounting.
D. cost accounting.
Answer: B
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Why is depreciation expense added back to net income in the operating section of the indirect cash flow statement?
a. Depreciation expense represents cash outflows for a firm. b. Depreciation expense represents cash inflows for a firm. c. Depreciation expense represents a noncash expense that must be moved to the investing section of the cash flow statement. d. Depreciation expense represents a noncash expense that must be added to net income to cancel its affect within the net income calculation. e. Depreciation expense represents a cash expense that must be added to net income to cancel its affect within the net income calculation.
Manufacturing and service firms producing unique products or services require process-costing accounting systems
Indicate whether the statement is true or false
Unlike the AFL, the CIO's attitude toward women in the union was:
A. That they should be encouraged to join the union and allowed positions of leadership. B. That they should be excluded from the union. C. That they should be encouraged to join but relegated to a minor role in leading the union. D. That they should not be allowed to join but their support would be welcomed.
The difference between a stock's closing price today and its closing price yesterday is listed in financial pages as the "net change."
Indicate whether the statement is true or false.