According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is
a. realization.
b. recognition.
c. matching.
d. allocation.
B
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The average cost method of process costing differs from the FIFO method of process costing in that the average cost method:
a. Requires that ending work in process inventory be stated in terms of equivalent units of production. b. Can be used under any cost-flow assumption. c. Does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production. d. Considers the ending work in process inventory only partially complete.
Give two examples of products for which marketers might use optional-product pricing
What will be an ideal response?
The payback period provides information to managers that can be used to help
A) control the risks associated with the uncertainty of future cash flows. B) minimize the impact of an investment on a firm's liquidity problems. C) control the risk of obsolescence. D) control the effect of the investment on performance measures. E) all of these.
The job that arrived first at a work center or machine will be processed first and completed. Which of the following priority rules does this statement represent?
a. first come, first served b. shortest processing time c. critical ratio d. earliest due date