Answer:
Explanation:
FASB amended the rules to improve the comparability of the information about business combinations provided in financial reports. A variable interest entity is a legal business.
The Financial Accounting Standards Board issued SFAS 141(R) in 2007 December, to substitute the SFAS 141. Evaluating the comment letters, articles and industry publications, they analyzed issues that were with SFAS 141 from the perspective of professionals, users and the FASB; it was evaluated 141(R) to ascertain these weaknesses and they were corrected with solutions been profound in 141(R).
Answer:
The following Apply :
A. Based on past experience and data Developed by the SCAB (Standard Cost Accounting Board
B. Used in preparing flexible budgets Useful for manufacturing companies, but not service companies
Explanation:
Standard Cost set levels of Costs and Revenues that ought to be achievable when reasonable levels of performance are attained together with working practices to manufacture a product.
Data is obtained from past experience and used to prepared flexible budgets for control purposes.
Closing costs are fees paid at closing by either party who are buying a house.
Answer: Management information system
Explanation:
Management information system is one of the type of computer system in which it manages the various types of operations in an organization. It basically consist of software and the hardware that analyzes all the information or data on the online system.
The management information system is basically helps in the decision making process, analyzing prices and also control the overall organization data or information in the system.
According to the question, Bill operating a small retail business and the management information system provide huge benefit to the bill's business.
Therefore, Management information system is the correct answer.
Answer:
B. Involve using resources to research, develop, purchase, produce, distribute and market products and services.
Explanation:
A financial statement can be defined as a written report used by financial experts or accountants to quantitatively describes the financial health of a company. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.
Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.
Operating activities in the statement of cash-flow of a business firm gives a detailed description of the out-flow and in-flow of cash from liabilities and current assets account. Thus, all the net income or cash from all operational business activities of a company is recorded as operating activities.
Hence, operating activities involve using resources to research, develop, purchase, produce, distribute and market products and services. Some examples of operating activities are cash paid as an expense for merchandise, cash revenue generated from the sales of finished goods etc.