Which of the following assumes that financial statements of a business can be prepared for specific periods?
A) matching principle
B) revenue recognition principle
C) time period concept
D) adjusting entry principle
C
Business
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With reference to #49, the Rule Against Perpetuities does not apply to the son's interest
Indicate whether the statement is true or false
Business
A third method for determining the forecasted cost at completion is to re-estimate the costs for all the remaining work to be performed and then add this re-estimate to the cumulative actual cost. If the amount of cumulated actual costs is less than difference between the total budgeted cost and the re-estimate, then
a. the FCAC is greater than the TBC. b. the FCAC is less than the TBC. c. the FCAC cannot be calculated with the values given. d. additional information is needed to predict the FCAC.
Business