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NEW QUESTION: 1
You are installing additional components to a server.
Which HPE resource provides Quickspecs that verify the compatibility of the server hardware with the server?
A. Smart Selling tool
B. Product Bulletin
C. iQuote Universal
D. SPOCK
Answer: B
NEW QUESTION: 2
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the
accounting change or error correction in the 1993 financial statements, and do not restate the 1992
financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the
period January 1, 1992, through January 1, 1994.
List B (Select one)
A. Retroactive or retrospective restatement approach.
B. Prospective approach.
C. Cumulative effect approach.
Answer: A
Explanation:
Choice "B" is correct. If comparative FS are issued, restate prior year's FS. If comparative FS are not
issued, restate prior year-end's retained earnings account by "adjusting" (net of tax) the opening balance
of the current retained earnings statement.
NEW QUESTION: 3
During project initiation for a company's credit department, the project manager meets with stakeholders from various areas of the company. The participation become engaged in a lengthy discussion and present conflicting statements. The project manager realizes that the root cause of this issue is that each stakeholder assumes the others use the same definition of ''credit'' when in reality, they each have a different definition.
A. Ask the Stakeholders to develop common definitions lot all key business terms
B. Record the different understandings of "credit" as a risk in the risk register
C. Consider the credit department representative as the source of the coned definition.
D. Impose correct definitions for all key business terms
Answer: A