Each of the following statements is correct regarding the Financial Accounting Standards Board except a. It establishes accounting concepts and standards for financial accounting and reporting and provides guidance on implementation of standards. b. It provides a conceptual framework that helps to increase understanding of, and confidence in, financial information on the part of users of financial reports. c. It is recognized as authoritative by the United States Securities and Exchange Commission and the American Institute of Certified Public Accountants. d. It develops principles and attributes that allow organizations to understand the necessary elements to ensure a robust system of internal control.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Which of the following best describes vertical integration? a. produce goods or services previously purchasedb. develop the ability to produce products that complement the original productc. develop the ability to produce the specified good more efficiently than befored. build long term partnerships with a few supplierse. sell products to a supplier or a distributor

You’ve decided to buy a new computer that costs $1,500. but best buy will let you take the computer home without making paying the full price immediately. rather, best buy will let you pay $500 now, and $500 at the end of each of the next two years. if the interest rate is 5%, how much do you need today to make sure you can make all the payments to best buy?