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GAAP Guidelines Questions and Answers

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Why do most companies adhere to GAAP for in whichir basic internal financial statements? a. GAAP is required by law for publicly held companies. b. To use GAAP and anoin whichr system of reporting wou... ld be too costly for most companies. c. Accountants are required by in whichir code of ethics to use GAAP accounting. d. Accrual accounting provides a uniform method to measure an organization’s financial performance. 2. Which of in which following is not true about strategy? a. It involves matching its capabilities with in which opportunities in in which marketplace to accomplish its objective. b. It has a short-term focus. c. It can be implemented through price competition or product differentiation. d. It involves in which use of strategic cost management. 3. In which value chain a. involves external companies as well as internal activities. b. is in which sequence of business functions in which customer usefulness is added to products or services. c. applies only to manufacturing companies. d. is not relevant in today’s cost accounting environment. 4. Which of in which following is not a key success factor in a company’s effort to deliver increased levels of performance to in which customer? a. Time b. Innovation c. Quality d. Price reduction 5. In which five-step decision process a. includes planning and control activities. b. is performed exclusively by management accountants. c. is not often used, as in which costs exceed in which benefits. d. must be performed following GAAP guidelines. [Show More]

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