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Helga [31]
3 years ago
14

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

Business
1 answer:
slavikrds [6]3 years ago
4 0

Answer:

1. GAAP is the term used to indicate the whole body of FASB authoritative literature.  <u>TRUE</u>.

The Financial Accounting Standards Board are the authors of the GAAP and as such GAAP is used to indicate the whole body of their literature.

2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.  <u>FALSE. </u>

To claim compliance with GAAP, all standards and interpretations including Disclosure requirements should be followed.

3. The primary governmental body that has influence over the FASB is the SEC.  <u>TRUE.</u>

The Securities and Exchange Commission (SEC) is the Government body that is meant to oversee the application of Accounting standards and as such, they have influence over the FASB.

4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.<u> FALSE. </u>

Even though they have a Government mandate, the FASB must follow due process when establishing principles so that people might be able to contribute to or criticize the guidelines should they please.

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​Fulkron, Inc. provides the following data taken from its third quarter​ budget: Jul Aug Sep Cash collections 67,000 $33,000 $42
fgiga [73]

Answer:

-$20,000 short fall

Explanation:

July:

Total cash available:

= Cash balance + Cash collections

= $12,000 + $67,000

= $79,000

End cash:

= Total cash available - Cash payments

= $79,000 - (33,000 + 12,000)

= $79,000 - $45,000

= $34,000

August:

Total cash available:

= Cash balance + Cash collections

= $34,000 + $33,000

= $67,000

End cash:

= Total cash available - Cash payments

= $67,000 - (34,000 + 20,000 + 33,000)

= $67,000 - $87,000

= -$20,000 (Short fall)

4 0
3 years ago
Lauren is an attorney. Like the conduct of all attorneys, Lauren’s conduct is governed by rules of professional conduct establis
GREYUIT [131]

Answer:

a. ​the American Bar Association.

Explanation:

-American Bar Association is an organization that is formed by law students and lawyers and it establishes codes of conduct for this profession. It created the Model Rules of Professional Conduct in 1983 and it is used in 49 states.

-American Institute of Certified Public Accountants is an organizaion formed by certified accountants in the United States and it determines ethical standards for the professionals.

-​The Securities and Exchange Commission is an agency of the United States government that develops and enforces laws for the securities industry.

-The International Accounting Standards Board is a body of the IFRS Foundation that establishes accounting standards.

According to this, the answer is that  Lauren’s conduct is governed by rules of professional conduct established by the state in which she is licensed, and the Model Rules of Professional Conduct of the American Bar Association.

8 0
3 years ago
In which of the following situations is having a good credit score important?
Nezavi [6.7K]
A because if you bought a car you would have good credit score

hope this helped
7 0
3 years ago
The asset/liability approach emphasizes: Multiple Choice Whether amounts on the balance sheet meet the definitions of assets and
attashe74 [19]

Answer:

Whether amounts on the balance sheet meet the definitions of assets and liabilities

Explanation:

The asset/liability approach emphasizes whether amounts on the balance sheet meet the definitions of assets and liabilities. It is a process of managing the use of assets and cash flows to reduce the firm's risk of loss from not paying a liability on time. Well-managed assets and liabilities increase business profits. A contract generates assets and liabilities, and the goal is to depict them in the statement of financial position.

4 0
3 years ago
Use absolute value to express the distance between -13 and 17
marysya [2.9K]

To find out the distance between -13 and 17 using the absolute value, we need to add 13 to 0 because the distance between -13 and 0 is 13. Then add 13 to 17 which is equals 30. so by using the absolute value, the distance is 30

Equation:

13+0=13

13+17=30

7 0
3 years ago
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