Author Question: If a government is obligated to legally report information in a manner that differs from GAAP A. ... (Read 80 times)

altibaby · **on:** Jul 6, 2018

If a government is obligated to legally report information in a manner that differs from GAAP

A. GAAP take precedence over the legal requirements.
B. Legal requirements take precedence over GAAP.
C. Both GAAP requirements and legal requirements must be met.
D. Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner.

Question 2

If Ending Merchandise Inventory is 22,000, Purchases are 85,000, Purchases Discounts are 1,800, Freight In is 3,500, and Beginning Merchandise Inventory is 28,000, then Cost of Goods Sold is
a. 80,700.
b. 90,300.
c. 79,700.
d. 92,700.
e. 107,000.