Cost Associated with the Way Applichem

(In correspondence to Learning Outcome 7b)

Which of the following is a required disclosure according to APB Opinion 22, Disclosure of Accounting Policies? (Points : 2)

Methods peculiar to the industry in which the entity operates.

All accounting policies followed by the reporting entity.

Composition of inventory for a manufacturing enterprise.

Depreciation expense for plant assets used in the production of the firm's main product line.

27. (In correspondence to Learning Outcome 7c)

Which of the following related party transactions must be disclosed? (Points : 2)

An intercompany loan between a parent and its consolidated subsidiary.

A sale of goods by Company A to Company B if A and B are unrelated but both can be significantly influenced by Company C.

The company's compensation arrangement with senior management.

The expense allowance provided by a company to its chief executive officer.

28. (In correspondence to Learning Outcome 7d)

The accounting principles and procedures that underlie an entity's external reports sometimes are modified for interim reporting purposes. Differences between the annual and interim reporting procedures are most likely to arise in the (Points : 2)

Disclosure of information about fair value measurements.

Treatment of gains and losses from the sale of assets.

Inventory methods used to determine cost of goods sold.

Treatment of unplanned, unanticipated purchase price variances.

(In correspondence to Learning Outcome 7b)

Which of the following is a required disclosure according to APB Opinion 22, Disclosure of Accounting Policies? (Points : 2)

Methods peculiar to the industry in which the entity operates.

All accounting policies followed by the reporting entity.

Composition of inventory for a manufacturing enterprise.

Depreciation expense for plant assets used in the production of the firm's main product line.

27. (In correspondence to Learning Outcome 7c)

Which of the following related party transactions must be disclosed? (Points : 2)

An intercompany loan between a parent and its consolidated subsidiary.

A sale of goods

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