40) Generally accepted accounting principles (GAAP) require the use of fair valu

Question

40) Generally accepted accounting principles (GAAP) require the use of fair value accounting for all assets and liabilities.
a. true
b. false

41) Most companies invest excess cash in bonds as investments in order to profit long-term from the growth of the investment.
a. true
b. false

42) Comprehensive income is all changes in stockholders' equity during the period except those resulting from dividends and stockholders' investments.
a. true
b. false

43)Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
a. true
b. false

44) A series of budgets for varying rates of activity is termed a(n):
a. flexible budget
b. master budget
c. activity budget
d. variable budget

Explanation / Answer

b. false

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