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vovangra [49]
3 years ago
5

Regarding generally accepted accounting principles​ (GAAP), which of the following statements is​ incorrect? A. Relevant informa

tion is​ complete, neutral, and free from error. B. GAAP is currently formulated by the Financial Accounting Standards Board. C. GAAP rests on a conceptual framework that identifies the​ objectives, characteristics,​ elements, and implementation of financial statements. D. The primary objective of financial reporting is to provide information useful for making investment and lending decisions.
Business
1 answer:
Lady_Fox [76]3 years ago
8 0

Answer: The statement "A. Relevant information is​ complete, neutral, and free from error." is​ incorrect

Explanation: The generally accepted accounting principles are a set of rules and norms that serve as an accounting guide to formulate criteria related to the measurement of equity and to the information of the patrimonial and economic elements of an entity. While one of these 14 principles speaks of neutrality in none mentions that Relevant information is complete, neutral, and free from error

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In order to register your car, the state of Florida requires<br> that all drivers have ...
olga_2 [115]

In order for drivers to register their cars in Florida it is required that they have

  • Proof of identity
  • Proof of insurance for the state of Florida
  • Application for certificate of title.

<h3>What is a car registration?</h3>

This is the registration that is mandatory for all cars in the United States. The goal is to be able to track cars that are used to carry out criminal activities and their owners.

To do this one is compulsorily required to show the proof that they own the car they are registering.

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7 0
2 years ago
Do you think the chrysler decision to switch from lifo to fifo was beneficial to its stockholders?
alexdok [17]

yes I definitely affirm that the switch of Chrysler from LIFO to FIFO was beneficial to the stockholders mainly  because the profit figure was increased.

In several ways, the change improved Chrysler's financial results in 1970. In addition to cutting the 1970s loss by $20 million, it improved Chrysler's working capital. The change also made the comparison with 1969 earnings appear slightly more favorable because, after restatement, Chrysler's 1969 profit was only raised by $ 10.2 million from the original figures.

Finally, the change aided Chrysler's balance sheet by increasing inventories and thus current assets by $150 million at the end of 1970 compared to LIFO. As Chrysler's profit has plummeted in the last two years and its financial position has tightened, auto analysts have been wary of the company's shrinking current asset to current liability ratio. Chrysler, on the other hand, paid to improve its balance sheet and results. The primary benefit of LIFO is that it reduces profit and thus tax liabilities.

Learn more about LIFO here:

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5 0
2 years ago
3M Co. reports beginning raw materials inventory of $855 million and ending raw materials inventory of $717 million. Assume 3M p
Verizon [17]
Whats the question.....
4 0
3 years ago
QUESTION 4 of 10: A clothing designer is looking for a job that can cover her living expenses of $5,000 per month. If she plans
Leto [7]

Answer:

$31.25

Explanation:

40 hours a week x 4 weeks a month = 160 hours of work per month

$5,000 divided by 160 = $31.25

7 0
3 years ago
Stunning Motors, Ltd. makes economy autos for the world market. Stunning has decided to branch out and produce economical, fuel
sergey [27]

Answer:

b. non-equity-based strategic alliance

Explanation:

In the case of the non-equity strategic alliance, the organizations develop the agreement for sharing the resources without developing the distinct entity or equity i.e. shared.

Non-equity alliances are considered to be loose and not formal as compared to the partnership involving equity.

So as per the given situation, the option b is correct

7 0
3 years ago
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