Answer:
b) False
Explanation:
The price reduction will stimulate demand for Rajiv's Fire Engines, in the short run, before competitors catch up or even overtake the firm with price reduction strategies of their own. This will in turn drive sales and the production quantity to increase marginally in the short-run. However, in the long-run, because the market is competitive, Rajiv Company will not totally benefit from the price reduction as the price war intensifies among the competitors.
Answer:
True or False Statements about the conceptual framework:
(a) False: The fundamental qualitative characteristics that make accounting information useful are relevance and faithful representation, which suggest materiality and completeness respectively.
(b) False: Relevant information must also be material in a financial statement user's decision, in addition to having predictive and confirmatory values.
(c) False: It is information that is relevant that is characterized as having predictive or confirmatory value, and not information that shows faithful representation.
(d) False: Comparability also refers to comparisons of a firm over time (which is appropriately described as consistency). This is in addition to the similar reporting of information by different companies.
(e) False: Enhancing characteristics do not relate only to faithful representation but also to relevance.
(f) True.
Explanation:
Faithful representation implies completeness. Relevance means that the disclosure will attract important consideration and is material to the matter. Therefore, users of financial reports base their decisions on relevant information and not irrelevant details.
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Answer:
the cost of goods manufactured is $183,000
Explanation:
The computation of the cost of goods manufactured is shown below:
Cost of goods manufactured = Labor cost + direct material purchased + overhead cost - ending balance of material - ending balance of work in process
= $66,000 + $22,000 + $98,000 - $1,000 - $2,000
= $183,000
Hence, the cost of goods manufactured is $183,000
Answer:
Going from private company to public company
Explanation:
This will help the startup to boost its industry connections and get involved in the redefining the company's future with wider access to finance that comes by listing the organization in stock exchange. Stock exchange provides a pool of investors that are willing to invest in your company.
Going public will give the company wider access to industry, expansion options, suppliers redefining, etc. All this will be possible by the wider industry connections.
