In 1931, President Herbert Hoover Was Paid a Salary of $75,000

question 385

Multiple Choice

In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 214.5 for 2009. President Hoover's 1931 salary was equivalent to a 2009 salary of about

• A)$5,507.
• B)$1,058,388.
• C)$1,140,000.
• D)$15,525,000.

Distinguish between IFRS and GAAP in terms of financial statement presentation.

Prepare and explain adjusting and reversing entries.

Describe the steps in the accounting cycle.

Calculate and interpret the current ratio.