GAAP and IFRS convergence will lead to:
A. the end of the FASB
B. the blending of GAAP and IFRS standards
C. decreased role for the AICPA
D. less costly processes for financial reporting
Answer: B
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Property held on consignment should be included in the ending inventory of the consignee
Indicate whether the statement is true or false
On January 2, 2012, Golden Corporation sold $800,000 of bonds for $785,000. The bonds will mature in 10 years and pay interest annually on December 31. Golden properly recorded the payment of interest and amortization of the discount using the effective interest method. Which of the following statements is true about the carrying value of the bonds and/or the unamortized discount at the end of
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A gift "causa mortis" is ineffective if the donor recovers from the existing illness or peril
Indicate whether the statement is true or false