Only financial institutions are subject to Fed oversight.

What type of information is contained in the job identification section of a job description?

A) job title B) job summary C) major functions or activities D) standards of performance

Generally, valuing inventory above cost

A) violates conservatism and is never allowed. B) violates the lower of cost or market rule and is never allowed. C) is acceptable when revenue recognition is not applicable. D) is acceptable only in selected industries and in certain circumstances.