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1. Although the FASB intends to develop a conceptual framework, no statements of financial accounting concepts have been issued to date, true or false?
2. Decision usefulness is an underlying theme of the conceptual framework, true or false?
3. Users of financial statements are assumed to have substantial knowledge of business and financial accounting matters by financial statement preparers, true or false?
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Ignore income taxes.
Let's say that a company produces a single product with a sale price of $25 per unit. The variable cost per unit is $15 and the company incurs fixed costs of $50,000 per month. What is the breakeven point for this company in units and sales dollar..
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Which of the following is not a typical cash flow under operating activities?
Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
Roman Knoze is considering two investments. Each will cost $20,000 initially. Project 1 will return annual cash flows of $10,000 in each of three years.
(Consignment Computations) On May 3, 2012, Eisler Company consined 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amount to $840 and was paid by Eisler Company.
Compute the total amount of dividends that was paid to each class of stock, b) Compute the amount of dividends per share for each class of stock.
Angel's net income for the year ended December 31, 2009, was $6 million. The income tax rate is 20%. What is Angel's basic earnings per share for 2009, rounded to the nearest cent?
The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is:
Calculating Profitability Index Bill plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $210,000, to be paid immediately.
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