Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.
If false, explain why the statement is false.
1. GAAP is the term used to indicate the whole body of FASB authoritative literature.
2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3. The primary governmental body that has influence over the FASB is the SEC.
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.

Answer and Explanation:

1. The first statement is true

2. The second statement is false as the company that claims the compliances would comply with the standard, interpretations and the disclosure requirements

3. The third statement is true

4. The fourth statement is false as for creating a standard there si two basic premises i.e.

a. It should be responsive to the needs and the viewpoints with respected to the overall economic community

b. It should be operated in complete public view

[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts Debits Credits
Cash $ 41,500
Accounts Receivable 25,700
Land 110,800
Accounts Payable 15,300
Notes Payable (due in 2 years) 30,000
Common Stock 100,000
Retained Earnings 32,700
Totals $ 178,000 $178,000
The following is a summary of the transactions for the year:
1. January 12 Provide services to customers on account, $62,400.
2. February 25 Provide services to customers for cash, $75,300.
3. March 19 Collect on accounts receivable, $45,700.
4. April 30 Issue shares of common stock in exchange for $30,000 cash.
5. June 16 Purchase supplies on account, $12,100.
6. July 7 Pay on accounts payable, $11,300.
7. September30 Pay salaries for employee work in the current year, $64,200.
8. November 22 Pay advertising for the current year, $22,500.
9. December 30 Pay $2,900 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $1,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,300.
Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Jasper Furnishings has $300 million in sales. The company expects that its sales will increase 12% this year. Jasper's CFO uses a simple linear regression to forecast the company's inventory level for a given level of projected sales. On the basis of recent history, the estimated relationship between inventories and sales (in millions of dollars) is as follows:

Inventories=$25+0.125(Sales).

Given the estimated sales forecast and the estimated relationship between inventories and sales, what are your forecasts of the company’s year-end inventory level and its inventory turnover ratio?

Paige independently owns and operates HiZ Inc., a company with 22 employees. She manages aggressively and expects rapid sIn the context of the entrepreneurial strategy matrix, a new pasanger vehicel is most likely to have the highest risks and returns.ales and profit growth. Paige's company is considered a(n) ________ venture.

Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 260,000 Fixed manufacturing overhead cost $ 5,720,000 Variable manufacturing overhead cost per machine-hour $ 2.00 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $4,400. The following information was available with respect to this job: Direct materials $ 2,024 Direct labor cost $ 1,452 Machine-hours used 91 Compute the total manufacturing cost assigned to Job P90.

Three friends are trying to decide what to do on Saturday night. The options are to go to a party, go see a play, or hang out at their apartment. Abdul prefers to see a play over going to the party, which he prefers to hanging out. Gina prefers to hang out over seeing a play, which she prefers to going to the party. Shaquille would most like to go to the party, his second choice is to hang out, and the play is his least preferred option. In the spirit of democracy, they decide to vote on their options. In a three-way vote, they each vote for a different choice, leading to a tie and failing to solve their problem. They thus decide to consider the options in pairs.
(1 point) Shaquille suggests that they first vote on hanging out versus going to the play and then vote on the winner of that versus going to the party. Which option will be chosen?
Choose one:
A. Go to the play.
B. Go to the party.
C. Hang out.

OHaganBooks has two principal competitors: JungleBooks and FarmerBooks. Combined website traffic at the three sites is estimated at 8,000 hits per day. Only 10% of the hits at OHaganBooks result in orders, whereas JungleBooks and FarmerBooks report that 20% of the hits at their sites result in book orders. Together, the three sites process 1,300 book orders per day. FarmerBooks appears to be the most successful of the three and gets as many book orders as the other two combined. What is the traffic (in hits per day) at each of the sites?

Help I’ll give you 30 pts

Assume an investor company acquires for $320,000 an 8% investment in the common stock of an investee company on February 15, 2018. The investor determined the common stock of the investee has a readily determinable fair value. On December 31, 2018, the fair value of the 8% common stock investment is $340,000, and the investor company made made all of the appropriate adjustments in preparation of the annual financial statements. On March 1, 2019, the investor company acquires an additional 17% of common stock of the investee for $765,000, thereby increasing the investor's overall ownership interest to 25%.
Required
a. For this question only, assume instead that the investor determined, on February 15, 2018, that the common stock of the investee does not have a readily determinable fair value. In addition, the investor company determined that the additional 17% common stock purchase on March 1, 2019 does qualify as an observable price change in orderly transaction. Prepare the journal entries the investor company should record on March 1, 2019.
Note: If a journal entry is not required, select "N/A" as your answers for the drop-down options and leave the Debit and Credit answers blank (zero).
Description Debit Credit
To adjust value of investment account.
To record the purchase of additional stock.
b. For this question only, assume instead that the investor determined, on February 15, 2018, that the common stock of the investee does not have a readily determinable fair value. In addition, the investor company determined that the additional 17% common stock purchase on March 1, 2019 does not qualify as an observable price change in orderly transaction. Prepare the journal entries the investor company should record on March 1, 2019.
Note: If a journal entry is not required, select "N/A" as your answers for the drop-down options and leave the Debit and Credit answers blank (zero).
Description Debit Credit
To adjust value of investment account.
To record the purchase of additional stock.

the ____ is a federal government agency that offers both managerial and financial assistance to small businesses

PAKSA : ANG PAGHAHANAP BUHAY NG MGA INA SA TAHANAN ANG SINASABING DAHILAN SA PAGKALIGAW NG LANDAS NG MARAMING ANAK O KABATAAN. SANG AYON / SALUNGAT​

what is the role of financial accounting in a business​

Majestic Bank offers loans at various interest rates, depending on the nature of the loan.
Kevin wants to borrow $230,000 for a new home. He promises to pay back the loan in 10 years. Maria also wants to borrow $230,000 for a new home. She promises to pay back the loan in 15 years. Assume Kevin and Maria are equally creditworthy and that the two home mortgages are the same in all other aspects.
If all else is constant, the bank would most likely charge a higher interest rate to (Kevin/Maria) .

why do you think that the decision making is crucial part of your life?give reason.​

The usual stated political goal of rent control isGroup of answer choicesto conduct social engineering via economic rules.prices that allow rationing to the highest bidder.to assist the low income at a cost to society, in convenient, affordable housing.to pander to the low income voters by assuring them enough living space.to pander to real estate landlords by assuring them a low occupancy rate.

state three essential characteristics of a good leaders​

The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103,000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio

External benefits create a market failure because: A. The activities that produce external benefits may not create sufficient private benefits to producers and consumers to warrant their production. B. The activities that produce external benefits only improve the lives of poor people. C. The activities that produce external benefits are too costly to produce. D. External benefits do not improve the lives of individuals. E. The activities that create external benefits may create high external costs that harm communities.

What will happen to the equilibrium price and quantity of airline fares as a result of the following two simultaneous changes (assume no other changes): I. the recent recession has encouraged people to save more, so fewer people decide to go on vacation. II. higher oil prices and weather-related difficulties have increased the cost of providing airline services.

Paint packaged in aerosol cans is dangerous because it has a risk of ___________.
Polluting
Leaking
Exploding
Spilling

The following preliminary unadjusted trial balance of Ranger Co., sports ticket agency, Errors in trial balance
Ranger Co. Unadjusted
Trial Balance
August 31, 2014
Debit balance Credit Balances
Cash 77600
Accounts Receivable. 377500
Prepaid Insurance 12000
Equipment.. 19000
Accounts Payable 29100
Unearned Rent..... 10800
Carmen Meeks, Capital 110000
Carmen Meeks, Drawing. 13,000
Service Revenue 385000
Wages 213000
Expense
Advertising Expense.. 16350
Miscellaneous Expense 18,400
273,700 668,300
When the ledger and other records are reviewed, you discover the following:
(1) the debits and credits in the cash account total $77,600 and $62,100, respectively;
(2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account
(3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable accOunt;
(4) the balance of the unearned rent account is $5,400;
(5) the correct balance of the equipment account is $190,000; and
(6) each account has a normal balance.
Prepare a corrected unadjusted trial balance.

If Chelsea decides to wait two years
before making the down payment,
instead of one, how much money
will she have after two years?

M/J Business Keyboarding Guided Notes Module 1

Module 1: Keyboarding Basics

1.1 The Basics
Vocabulary Terms
touch typing
muscle memory
ergonomics
repetitive strain injuries (RSI)
carpal tunnel syndrome
Guided Questions
 How can you arrange your workstation to
apply proper ergonomics?
 When typing, what are the characteristics of
correct ergonomics and proper typing
posture?
 How do correct ergonomic habits contribute
to proper keyboarding and prevent injury
when typing?
 What are some strategies you should follow
to prevent RSI?
 When working on a laptop or on a tablet,
how can you apply proper ergonomics?
 What do you need to know about the
QWERTY keyboard to learn how to type?
 Where are these keys located on the
keyboard and what is the purpose of each?
Home Row / Home Keys, Spacebar, Shift,
Enter, Tab, Backspace, Caps Lock
 How should you position your fingers on the
home row?
 Why is using the home row important to
typing mastery?
 How do the buttons and special keys help
you navigate the Typing Tool?

M/J Business Keyboarding Guided Notes Module 1

1.02 Home Row F and J
Vocabulary Terms
workstation
ergonomics
home row keys
typing technique
Guided Questions
 Where should you position your fingers to
before you start typing?
 How can you find the F and J keys without
looking at the keyboard?
 Which finger do you use to type the F key?
The J key? The space bar?
1.03 Input, Output, Storage, and Memory
Vocabulary Terms
Central Processing Unit (CPU)
peripherals
input device
output device
USB (Universal Serial Bus) connector
memory
storage memory
random access memory (RAM)
read-only memory (ROM)
storage devices
Guided Questions
 What is the purpose of each of these
computer peripherals? What are examples
of each?
o an input device
o an output device
 Which peripherals can be both and input
and output devices?
 How do input and output devices connect to
a computer?
 What is the purpose of different types of
computer memory? What are examples of
each?
 What is the purpose different storage
devices? What are examples of each?
 What is “the cloud?”
1.04 – 1.06: Home Row D and K / Home Row S and L / Home Row A and ;

M/J Business Keyboarding Guided Notes Module 1

Vocabulary Terms
home row
workstation
ergonomics
typing technique
Guided Questions
 Where should you position your fingers to
before you start typing?
 Which finger do you use to type each of
these keys?
D K S L
A ; Space Bar

1.07 Computer Maintenance
Vocabulary Terms
Guided Questions
 Why is it important to properly care for your
computer and electronic devices?
 What are some things you should DO and
should NOT DO to properly care for your
computer (hardware and software)?
 Why are software updates important?
 Why is it important to clean your computer
and workspace regularly?
 How should you clean each of these
computer parts? Why?
o keyboard
o mouse or trackpad
o screen or monitor

1.08 Home Row G, H, Enter
Vocabulary Terms
reach keys
home row
workstation
ergonomics
typing technique
Guided Questions
 Which keys are the reach keys?
 Where should you position your fingers to
before you start typing?
 Which finger do you use to type these keys?
G H ENTER
Space Bar

M/J Business Keyboarding Guided Notes Module 1

1.09 Home Row Review
Vocabulary Terms
Guided Questions
 What are the different parts/components of
a computer system and why are they
important?
 Why are storage devices (USB flash drives,
external hard drives, and cloud storage)
helpful?
 Why is it helpful to know the parts of a
computer system and how to care for it?
 What are some proper computer
ergonomics practices to type pain free and
avoid injury?
 What do you remember about which fingers
to use when typing the home row keys?

Left Hand
Fingers Keys Keys Right Hand
Fingers
pinky finger pinky finger
ring finger ring finger
middle finger middle finger
index finger index finger
thumb thumb

The SEC has lifted its requirement that foreign companies, which have used IFRS as the basis for preparing their financial statements, must reconcile their financial statements using U.S. GAAP in order to be eligible to list their shares on U.S. stock exchanges. When did this happen

The following data are given for Harry Company: Budgeted production 1,079 units Actual production 936 units Materials: Standard price per ounce $1.91 Standard ounces per completed unit 10 Actual ounces purchased and used in production 9,641 Actual price paid for materials $19,764 Labor: Standard hourly labor rate $14.04 per hour Standard hours allowed per completed unit 4.8 Actual labor hours worked 4,820 Actual total labor costs $78,325 Overhead: Actual and budgeted fixed overhead $1,156,000 Standard variable overhead rate $27.00 per standard labor hour Actual variable overhead costs $134,960 Overhead is applied on standard labor hours. (Round interim calculations to the nearest cent.) The direct labor rate variance is

assume that by continuing your education, you increased your yearly earning potential from 21,484 to 39746.

You are considering investing $1,000 in a T-bill that pays 0.05 and a risky portfolio, P, constructed with 2 risky securities, X and Y. The weights of X and Y in P are 0.60 and 0.40, respectively. X has an expected rate of return of 0.14 and variance of 0.01, and Y has an expected rate of return of 0.10 and a variance of 0.0081. If you want to form a portfolio with an expected rate of return of 0.10, what percentages of your money must you invest in the T-bill, X, and Y, respectively if you keep X and Y in the same proportions to each other as in portfolio P

When Unraveling the Unit Circle the sine function creates a relationship between the _________and the ________ starting at 0 radians going counter-clockwise. The cosine function creates a relationship between the _________ and the ________ starting at 0 radians going counter-clockwise . The tangent function creates a relationship of the _______ starting at 0 radians going counter-clockwise.

On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:

a. Opened a business bank account with a deposit of $25,000 in exchange for common stock.
b. Purchased supplies on account, $2,520.
c. Paid creditor on account, $1,590.
d. Earned sales commissions, receiving cash, $25,700.
e. Paid rent on office and equipment for the month, $5,040.
f. Paid dividends, $8,000.
g. Paid automobile expenses for month, $2,420, and miscellaneous expenses, $1,160.
h. Paid office salaries, $3,030.
i. Determined that the cost of supplies on hand was $850; therefore, the cost of supplies used was $1,670.

Required:
Indicate the effect of each transaction and the balances after each transaction.

On December 31, 2019, Barton, Inc. leased lab equipment with a fair value of $1,650,000 from Banner Rentals Co. The agreement is a six-year noncancelable lease requiring annual payments of $328,600 beginning December 31, 2019. The guaranteed residual value is $200,000, but Barton expects the equipment to be worth $0 at the end of the lease. The lease is appropriately accounted for by Barton as a finance lease. Barton’s incremental borrowing rate is 10%. Barton does not know the interest rate implicit in the lease payments is 11%. The present value of an annuity due of 1 for 6 years at 10% is 4.7908. The present value of an annuity due of 1 for 6 years at 11% is 4.6959. The present value of 1 for 6 years at 10% is 0.56447. The present value of 1 for 6 years at 11% is 0.53464. In its December 31, 2019 balance sheet, Barton should report a lease liability of

What do you think is the most important skill a judge can possess