Ca1.1 (lo 2) (fasb and standard-setting) presented below are four statements which you are to identify as true or false. if false, explain why the statement is false. 1. gaap is the term used to indicate the whole body of fasb authoritative literature. 2. any company claiming compliance with gaap must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. the primary governmental body that has influence over the fasb is the sec. 4. the fasb has a government mandate and therefore does not have to follow due process in issuing a standard.

Which of the following is a reason why it is important for students to study strategy and the strategic management process? answers: studying strategy and the strategic management process can give students tools to evaluate the strategies of firms that may employ them. it can be very important to a new hire's career success to understand the strategies of the firm that hired them and their place in implementing these strategies. while strategic choices are generally limited to very experienced senior managers in large organizations, in smaller and entrepreneurial firms many employees end up being involved in the strategic management process. all of these.

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false