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NEW QUESTION: 1
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these
transactions as: a change in accounting principle, a change in accounting estimate, a correction of an
error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
Quo changed from LIFO to FIFO to account for its finished goods inventory.
List A (Select one)
A. Change in accounting principal.
B. Correction of an error in previously presented financial statements.
C. Neither an accounting change nor an accounting error.
D. Change in accounting estimate.
Answer: A
Explanation:
Choice "a" is correct. Change from LIFO to FIFO is a change in accounting principle.
NEW QUESTION: 2
Which statement is false about Succession Plan types?
A. The Job or Position plan type allows you to create a plan where one or more potential candidates have been identified to fill a key role or position.
B. The Job or Position plancan cover a particular job in a specific business unit or department, or throughout an entire organization.
C. An Incumbent plan type allows you to create a plan to replace multiple individuals.
D. An Incumbent plan type allows you to create a plan to replace a particular individual.
Answer: A
NEW QUESTION: 3
Which of the following is a virus that can redirect the disk head to read another sector instead of the one in which it resides?
A. Boot sector virus
B. Stealth virus
C. Multipartite virus
D. Macro virus
Answer: B
NEW QUESTION: 4
AGES AGE
data subset;
set ages;
where age> 12;
run;
A. 0
B. 1
C. 2
D. 3
Answer: B
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