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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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It should be noted that the study of how resources are distributed for production of goods and services within a social system is called Economics.

<h3>What is Economics?</h3>

Economics  can be regarded as a social science which focus on the study of production as well as distribution, and consumption of goods as well as services.

Therefore, economics focus on how resources are distributed for production of goods.

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Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,400 and a fair mark
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Answer:

Answer for the question  

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,400 and a fair market value of $16,100. Kelsey will invest a building with a book value of $46,500 and a fair market value of $64,300.

What amount will be recorded to Sandra's capital account?

Is given in the attachment.

Explanation:

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3 years ago
Fill in the blank label in the above figure.
djyliett [7]

Answer:

C. Margin

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Perhaps ahead of the times, __________ warned of the dangers of the coalescing interests of the top leaders of business, politic
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It should be noted that Perhaps ahead of the times, Talcott Parsons warned of the dangers of the coalescing interests of the top leaders of business, politics, and the military.

<h3>Who is Talcott Parsons?</h3>

Talcott Parsons can be regarded as American sociologist which was famous for structural functionalism.

He stressed about  the dangers of the coalescing interests of the top leaders of business, politics.

Learn more about Talcott Parsons at;

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________ is a set of activities and techniques firms employ to efficiently and effectively manage the flow of merchandise from t
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<u>Supply Chain Management</u><u>  is a set of activities and techniques firms employ to efficiently and effectively manage the</u><u> flow of merchandise</u><u> from the vendors to the retailer's customers.</u>

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Supply Chain Management What Is It?

The management of a product's creation and flow, from sourcing raw materials to production, logistics, and delivery to the final consumer, is known as supply chain management (SCM).

What are the four supply chain stages?

The four components of the supply chain—integration, operations, purchasing, and distribution—work together to create a route to competition that is efficient.

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