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3 years ago

Presented below are four statements which you are to identify as true or false.

Business

1 answer:

vagabundo [1.1K]3 years ago

6 0

Answer:

1. True.

2. False.

3. True.

4. False.

Explanation:

GAAP is an acronym for Generally Accepted Accounting Principles. It comprises of the accounting standard, procedures and principles used by public institutions in the United States of America. The GAAP is issued by the Financial Accounting Standards Board (FASB) and adopted by the U.S. Securities and Exchange Commission (SEC).

GAAP includes each of the following pronouncements:

Statements of Financial Accounting Standards.

Accounting Research Bulletins.

Accounting Principles Board Opinions.

For external reporting purposes, US Generally Accepted Accounting Principles (GAAP) allows companies to use only the traditional format of the income statement.

When accountants prepare and compile financial statements for public firms, it must be in line with United States of America, Generally Accepted Accounting Principles (GAAP).

Also, the financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.

Additionally, Securities and Exchange Commission (SEC) reviews registration statements of bond issuers, investment advisers etc, to ensure they comply with current laws and regulations.

1. True: GAAP is the term used to indicate the whole body of FASB authoritative literature.

2. False: Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. All companies are required to follow the disclosure requirements at all times.

3. True: The primary governmental body that has influence over the FASB is the SEC.

4. False: The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. FASB has to follow due process all the time in issuing standards.

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a.the court will find that the third party is a holder in due course and, despite the fact that TP has defrauded Choi, not require the third party to repay Choi

Explanation:

In the event where TP who sold a franchise to Choi decides to go out of business and transfers everything to a third. In a lawsuit the court will find that the third party is a holder in due course and, despite the fact that TP has defrauded Choi, not require the third party to repay Choi.

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3 years ago

In anonymous surveys, on average people rate themselves as "above average" with regard to characteristics such as intelligence,

BabaBlast [244]

Answer:

A. Overconfidence effect

Explanation:

Overconfidence effect is a kind of bias whereby individual's subjective confidence in their own abilities is greater than the objective or actual performance accuracy of those abilities. During surveys, respondents usually have this kind of bias. An example is the one stated in the question whereby average people tend to fill that they are "above average" on certain features like intelligence and perceptiveness. It is a common bias as individuals usually assume that they are better than their real ability by overestimating those abilities inherently.

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3 years ago

Fox Co. had 120,000 shares of common stock outstanding at January 1. On July 31, it issued 60,000 additional shares of common st

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Answer:

180 000 common stock shares outstanding

Explanation:

preference shares are not used in calculating earning per share. Earning per share is the part of the firm's profit that is attributed to common stock shares. It is an indicator of financial strength of a company. It also shows the intrinsic value of the company's shares. This can be used to determine if a share is overvalued or under valued in the equity market.

The company has 120, 000 common stock shares and issued additional 20,000 common stock shares totaling 180,000 common stock shares.

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3 years ago

A production facility employs 10 workers on the day shift, 8 workers on the swing shift, and 6 workers on the graveyard shift. A

prisoha [69]

Answer:

The answer is below

Explanation:

A What is the probability that all 4 selected workers will be the day shift?

B What is the probability that all 4 selected workers will be the same shift?

C What is the probability that at least two different shifts will be represented among the selected workers.

The total number of workers = 10 + 8 + 6 = 24

The probability that all 4 selected workers will be the day shift is given as:

$P_a=\frac{C(10,4)}{C(24,4)}= \frac{210}{10626}=0.0198$

$C(n,r)=\frac{n!}{(n-r)!r!}$

B) The probability that all 4 selected workers will be the same shift ( $P_B$ ) = probability that all 4 selected workers will be the day shift + probability that all 4 selected workers will be the swing shift + probability that all 4 selected workers will be the graveyard shift.

Hence:

$P_B=\frac{C(10,4)}{C(24,4)}+\frac{C(8,4)}{C(24,4)}+\frac{C(6,4)}{C(24,4)}=0.0198+0.0066+0.0014=0.0278$

C) The probability that at least two different shifts will be represented among the selected workers ( $P_C$ )= 1 - the probability that all 4 selected workers will be the same shift( $P_B$ )

$P_C=1-P_B\\\\P_C=1-0.0278\\\\P_C=0.972$

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3 years ago