Which of the following are the same under both GAAP and IFRS?

A) The account.
B) Debit and credit rules.
C) Steps in the recording process.
D) All of these answer choices are correct.

Haverly offers its customers an effective interest rate of 24.33% on its terms of sale. They offer a 1% discount if payment is made within 5 days. Assuming a 365-day year, what terms of sale does Haverly use?

A) 1/5, net 30
B) 1/5, net 20
C) 1/5, net 15
D) 1/5, net 10

Assume that Blade Runner specializes in producing in-line skates and Hang Ten specializes in producing surfboards. After trade Blade Runner exports 800 pairs of in-line skates and imports 200 surfboards. The terms of trade

A) are 1:4 in-line skates to surfboards.
B) are 4:1 in-line skates to surfboards.
C) are 1/4:1 in-line skates to surfboards.
D) cannot be determined from this information.

Shantz Corporation has provided the following data concerning last month's operations.
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
Required:
a. Prepare a Schedule of Cost of Goods Manufactured for the month.
b. Prepare a Schedule of Cost of Goods Sold for the month.

The foreign tax credit is available only to individuals born in a foreign country.

Most real economic choices involve small (or marginal)changes rather than all-or-nothing decisions.