Standards that can be attained with reasonable effort are called O a. theoretical Ob. ideal O c. adjusted O d. normal standards.
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- In the blanks provided to the right below, select the letters of the underlying assumption, measurement method, qualitative criteria, or constraint most closely associated with the statements. Some letters may be used more than once and some may not be used at all.A. Separate-entity assumption G. MatchingB. Continuity assumption H. Historical costC. Relevance I. Unit-of-measure assumptionD. Time-period assumption J. Faithful representationE. Cost/benefit K. VerifiabilityF. Revenue recognition L. Full disclosure 1. Any accounting method is acceptable for small items that will not change users’ decisions. 2. Assumes that all financial statement elements can be meaningfully described in dollar terms. 3. Long-term assets that increase in value are not normally written up in the…What are the six characteristics of a good performance measurement system?Note: Use average method in answering the requirements
- Which of the following is sometimes called a currently attainable standard? a. par b. normal standard Oc. theoretical standard O d. ideal standardDifferentiate between applied and actual FOH with two examples, support your response with occurrence of under and over applied conditions in a real world.Which of the following elements of fi nancial statements is most closely related to measurement of performance? C . Liabilities.