Complete the following sentence. "Inspiring and motivating people with a mission or purpose is a ____________ for developing an organization that can learn and adapt."
A. necessary and sufficient condition
B. necessary, but not a sufficient condition
C. goal, but not a necessary condition
D. goal and a required pre-condition
Ans: B. necessary, but not a sufficient condition
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In a periodic inventory system, there is no need to record an entry to Merchandise Inventory and Cost of Goods Sold
Indicate whether the statement is true or false
Under the AICPA Code of Professional Conduct, a CPA may express an unmodified opinion on financial statements that contain a departure from GAAP if (s)he can demonstrate that because of unusual circumstances the financial statements would be misleading if the departure were not made. Which of the following is an example of unusual circumstances that could justify such a departure?
a. The evolution of a new form of business b. An unusual degree of materiality c. Conflicting industry practices d. A theoretical disagreement with a standard issued by the FASB