Which of the Following Is True

question 41

Multiple Choice

Which of the following is true?

• A)Generally Accepted Accounting Principles (GAAP)form the backbone of managerial accounting conventions, and local and/or regional standards and professional judgment allow for variations among practitioners.
• B)Each province in Canada has its own code of ethics and rules and guidelines of professional conduct.
• C)The Sarbanes-Oxley Act in the U.S.and similar legislation in Canada aims to guide ethical standards used in management accounting practices.
• D)Chartered Professional Accountants of Canada plays an important role in promoting high standards of ethics in the accounting profession, excluding managerial accounting.

Interpret graphical representations of supply movements and shifts.

Understand the principles and rules governing sales of goods, including the effects of warranties, conditions, and the passing of risk.

Recognize the applicability and limits of the Sale of Goods Act in various transactions.

Identify legal responsibilities and rights of parties in sales contracts, including buyers, sellers, manufacturers, and dealers.

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Definitions:

Climate

Generalized weather patterns of an area, primarily determined by temperature and average rainfall.

Cleansing

The process of making something clean, either physically by removing dirt and impurities, or metaphorically, as in purifying the mind or body.

Ecotourism

Responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education.

Indirect Value

The benefits provided by biodiversity that do not have direct economic value, such as climate regulation and pollination.