Reference no: EM13511081
1.Recognition of a past event is sometimes governed by whether a “one-event view” or a “two-event view” is held.
ANS: T
2.Management intent is an accepted basis for recognition of future events.
ANS: F
3.Predicting changes in future economic conditions should be a major consideration in the recognition of future events.
ANS: F
4.Predicting future legal changes that have not yet been enacted should be a major consideration in the recognition of future events.
ANS: F
5.All empirical evidence supports the all-inclusive income concept.
ANS: F
6.Research on the smoothing of year-to-year income suggests that operating income is better predicted by operating rather than all-inclusive income.
ANS: T
7.According to the “big bath theory,” when firms disclose bad news, there is a positive responsive by the market because the firm has recognized in the financial statements that a major problem exists and it is moving to redress the problem.
ANS: T
8.As a result of APB Opinion No. 30, extraordinary items other than gains and losses from early extinguishment of debt have practically disappeared.
ANS: T
9.Extraordinary items should be disclosed net of tax.
ANS: T
10.Prior period adjustments are accounting changes that should be accounted for in comprehensive income on the income statement of the period of change.
ANS: F
11.If a loss is expected on subsequent disposal of a business segment, the estimated loss is recognized in the financial statements as of the measurement date.
ANS: T
12.Return on investment is the most-used summary indicator to date.
ANS: F
13.The elimination of primary earnings per share by SFAS No. 128 is a case of less information leading to more usefulness.
ANS: T
14.A troubled debt restructuring occurs when a creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider.
ANS: T
15.A major problem with SFAS No. 114 is that it applies only to creditors, while debtors are still governed by SFAS No. 15.
ANS: T
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Reflect about the culture at the time of slavery
: Analyze the following statement: " The slave always knows more about the master than the master knows about the slave." What does this reflect about the culture at the time of slavery in America?
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Material and nonmaterial culture
: Define culture. Analyze the differences between material and nonmaterial culture and give examples of each.
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Example of ethnocentrism
: Define ethnocentrism. Explain and give two examples of how ethnocentrism can adversely impact and individual's ability to interact with coworkers who are from different racial and ethnic groups
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The income statement
: Capital market research has shown that the usefulness of accounting numbers is best resolved using the deductive logic of the allocation problem
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The income statement
: Prior period adjustments are accounting changes that should be accounted for in comprehensive income on the income statement of the period of change.
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The income statement
: The major expense-recognition problem concerns those costs that are clearly not expired in the period incurred but are clearly not associated with the revenues of a particular period.
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How should stock dividends be measured and accounted for
: How should stock dividends be measured and accounted for? Is this treatment justified?
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Describe how the definitions of assets and liabilities
: Describe how the definitions of assets and liabilities have evolved over the years.
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What is the electric potential energy of this configuration
: Two charged particles, q1 = ?2.50×10?3 C and q2 = +3.850e-3 C, are separated by a distance of 5.00 cm. What is the electric potential energy of this configuration
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