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NEW QUESTION 39
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?
- A. The transaction at issue is considered to be immaterial.
- B. Departing from GAAP will make the company appear more profitable.
- C. Adherence to GAAP would produce misleading results.
- D. It is a common industry practice to give particular transactions a specific accounting treatment.
Answer: D
NEW QUESTION 40
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Expense
- B. Equity
- C. Financial record
- D. Balance sheet
Answer: A
NEW QUESTION 41
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 42
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