Some industry practices lead to accounting reports that do not conform to the general theory that underlies accounting
Indicate whether the statement is true or false
T
You might also like to view...
Econ Company produces widgets. Each widget sells for $120, and the company sells approximately 50,000 widgets each year. Unit cost data for the year follows: The unit cost of widgets for direct cost inventory purposes is:
a. $75 b. $45 c. $89 d. $70
The IRS requires that when LIFO is used for tax reporting, it must also be used for financial reporting.
Answer the following statement true (T) or false (F)
You have been asked to complete this year's social responsibility report for the insurance industry. Which of the following statements would you include as a valid indication of socially responsible activities in this industry?
A. This year, we sold more insurance policies than in the previous two years. B. This year marked a 200 percent increase in the number of new insurance products and services available to customers. C. To date, few women and minorities hold management positions in the insurance industry. D. This year, more than 300,000 volunteer hours were contributed by companies through loaned executives and release-time (time off) arrangements. E. Fewer than one-eighth of the companies' charitable contributions go to people-related activities.
Answer the following statement(s) true (T) or false (F)
Clever bootlegging of ideas refers to secretly working on new ideas on company time as well as on personal time.