The objective of financial reporting established by the FASB is to provide information that is useful to potential customers
Indicate whether the statement is true or false
False
You might also like to view...
Diamond, Inc purchased a machine under a deferred payment contract on December 31 . 2013 . Under the terms of the contract, Diamond is required to make eight annual payments of $140,000 each beginning December 31 . 2014 . The appropriate interest rate is 8 percent. The purchase price of the machine is
a. $1,389,190. b. $1,120,000. c. $868,900. d. $804,530.
Federal diversity jurisdiction exists when:
a. a lawsuit is between citizens of different states. b. the amount in controversy, exclusive of interest and all costs, exceeds $75,000. c. either that a lawsuit is between citizens of different states or the amount in controversy, exclusive of interest and all costs, exceeds $75,000. d. a lawsuit is between citizens of different states, and that the amount in controversy, exclusive of interest and all costs, exceeds $75,000.
A company's income before interest expense and income taxes is $350,000 and its interest expense is $100,000. Its times interest earned ratio is:
A. 3.50 B. 0.50 C. 2.50 D. 1.75 E. 0.29
Managers of corporations need to act in an ethical manner
A) because ethics violations will be punished by the law. B) because a business must be trusted by investors, customer and the public if it is to succeed. C) because business managers must answer to a higher authority. D) because ethical behavior is its own justification.