Exercise 2-01 indicate whether the following statements about the conceptual framework are true or false.
(a) accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. select an option
(b) general-purpose financial reports are most useful to company insiders in making strategic business decisions. select an option
(c) accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. select an option
(d) capital providers are the only users who benefit from general-purpose financial reporting. select an option (
e) accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. select an option
(f) the objective of financial reporting is the foundation from which the other aspects of the framework logically result.

Partnerships are the most common type of business firms in the world. t/f

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.